The 20-year-old is determined to link up with older brother Jack and play with the reigning AFL premiers next year.
Henry, who was taken at pick 17 in the 2020 draft, has shown glimpses of his talent in his 25 games with Collingwood but was left out of the Magpies' team for their three finals this year.
He joined Jack for the premiership celebrations at Geelong after the Cats' scintillating grand final win over Sydney last month.
"He's got super close ties to his family and his tight support network down there, (in Geelong)," Henry's manager Tom McConville told AFL Trade Radio.
"Obviously, his brother playing at Geelong is a big draw for him as well.
"It's nothing on the Pies, the Pies didn't do anything wrong or anything like that.
"It's more about Ollie getting the most out of himself and in the right environment.
"He feels that going back to Geelong he will be able to do that."
McConville is hopeful a fair deal will be agreed upon before the end of the trade period on Wednesday.
"He (Henry) loves all the Collingwood boys and all that," he said.
"We are really confident we will get a good outcome for both parties and that's what we're striving to do."
Meanwhile, Fremantle have added depth to their forward line with the acquisition of Josh Corbett from Gold Coast.
The Dockers parted ways with a future fourth-round draft pick for the 190cm Corbett, who has played 36 games and kicked 33 goals in four seasons with Gold Coast.
Fremantle had hoped to tie the Suns' Jeremy Sharp into the arrangement, but will have to strike a separate deal for the hard-running wingman.
Corbett was drafted by Gold Coast as a mature-age recruit in 2018.
The 26-year-old kicked 25 goals in 12 VFL appearances this season but managed just four games at senior level, including one as an unused substitute.
The Dockers' head of player personnel David Walls said the club was delighted to acquire Corbett, who could fill the spot in attack left by North Melbourne-bound Griffin Logue.
"He was a significant contributor to the Suns in 2021 and while he didn't play much at AFL level this year, he continued to perform well in the VFL," Walls said.
Corbett enjoyed his best season at Gold Coast in 2021, when he kicked 23 goals from 16 games, but the arrival of experienced recruits Mabior Chol and Levi Casboult saw him squeezed out of the side.
The Suns announced on Thursday that Casboult and fellow key forward Chris Burgess have signed new contracts with the club.
Casboult has inked a new one-year deal, while Burgess will stay for at least another two years.
Meanwhile, Ryan Clarke and Will Gould have both signed one-year contracts with the Swans for 2023.
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