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The 25-year-old is due to make the announcement at a news conference at 1400 GMT, De Standaard daily said.
Winner of seven grand slam singles crowns, Henin suffered a surprise defeat in the third round of the German Open last week. She then withdrew from this week's Italian Open, citing fatigue.
Only last week Henin wrote on her Web site that she had been training without any problems and was injury free.
Wimbledon is the only grand slam tournament to have eluded her, with runner-up finishes in 2001 and 2006 her best results in London.
Despite her patchy form this season, Henin would be a favourite heading into June's Roland Garros to win a fifth French Open crown.
Her retirement would come a year after compatriot and fellow former world number one Kim Clijsters walked away from the sport to start a family.
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