Henry, along with actor and producer Reese Witherspoon and technology investor Jim Toth, will form part of the ownership group for the Major League Soccer club as minority owners.
Principal owner John Ingram made the announcement via the team website.
Henry joins Kansas City Chiefs quarterback Patrick Mahomes, Houston Texans running back Mark Ingram and Denver Broncos quarterback Russell Wilson as the only NFL players to double as minority owners of a soccer club.
"As a kid growing up in Florida, I imagined being a professional sports owner and the opportunity to do that with a Major League Soccer club is truly a dream come true," Henry said via the team website.
"My investment in Nashville SC is way more than financial, it's truly an investment in the city of Nashville. The chance to be part of a club like Nashville SC, especially after seeing what they are accomplishing in the community, was an opportunity I did not want to miss."
Nashville began play as an MLS club in 2020, initially at Nissan Stadium, home of the Titans.
Nashville recently completed construction of Geodis Park which is the largest soccer-specific stadium in the country. The stadium will host a match for the first time when Nashville faces the Philadelphia Union on May 1.