"He is a real danger man. He seems to score every weekend," Faye said speaking of Arsenal striker Henry.
"For me he is the best forward in the world. I do not know how he manages to perform like he does every week and we will have to keep an eye on him.
"I am certainly on a high having signed this contract and this has given me a boost.
"The team are in good form and if we were to achieve a victory against Arsenal it would be very positive for the morale of everyone."
He said: "I am very happy, in fact I will probably celebrate after the Arsenal game.
"I was determined to stay as long as I possibly could at Bolton. This is a great club.
"I didn't get too down last year. I am a positive person. Life is beautiful."
Faye has joined Senegal team-mates El-Hadji Diouf and Khalilou Fadiga at the Reebok Stadium.
While having people he knows around him has helped him settle, Faye admitted: "I like the English better than the French - they are more pleasant and nicer people.
"I am having a great time. In France you are almost treated too strictly.
"Here you work hard, you do your job but are given a little bit more freedom to enjoy life."