Henry has taken 20 first-class wickets at 28.55 in six matches for Canterbury since missing the World Cup squad in January.
His pace is not in the same bracket as Milne's but he is considered quicker than Mills and McClenaghan. It's hoped he'll generate seam off the wicket as a counter to the swing of Tim Southee and Trent Boult.
It poses the question whether Henry can provide the cricket-equivalent to Stephen Donald kicking the match-winning penalty in the 2011 Rugby World Cup final at the same ground.
Donald was called into the All Blacks in his off-season after being recruited from a whitebaiting excursion on the Waikato River. There's no confirmation Henry has been anywhere near a net.
Henry played a full part in New Zealand training, including an in-depth chat with captain Brendon McCullum.
The 23-year-old looks set to enter the tournament on the back of a record which includes 21 ODI wickets at 15.42 and an economy rate of 4.93. He takes a wicket every 19 balls.
Henry's solitary ODI against South Africa was October's rained-out match in Hamilton. He enticed catches from Hashim Amla and Rilee Rossouw to take two for 40 in eight overs.
McClenaghan has played five ODIs against the Proteas for a return of eight wickets at 27.37, economy rate of 4.86 and strike rate of 34; Mills has played 22 matches to average 28.12 while conceding 4.92 runs an over and also striking every 34 balls.
McCullum lamented Milne's exit but would not confirm a role for Henry.
"We need to look at the wicket and overhead conditions tomorrow before making a selection. It was humid [vs Australia] and we saw high-quality swing. I'm no weather genius but it'll be less humid tomorrow, so possibly less swing."
Coach Mike Hesson was disappointed at losing a point of bowling difference.
"Adam gave us variety by bringing extra pace into the attack. He might not have the wickets at his end but he helped create them at the other.
"Playing [first-class cricket recently] is to his [Henry's] advantage, but we've got plenty of options."
Milne felt discomfort after the quarter-final against the West Indies and subsequently underwent an MRI scan on Sunday afternoon. The results showed significant swelling around his heel. A timeline for his return is expected to be weeks.
3 things about Matt Henry
1 Henry's Plunket Shield experience of the past few weeks where he's taken 20 wickets at 28.55 is understood to have given him an edge over the net-bound Kyle Mills and Mitchell McClenaghan.
2 The 23-year-old's record includes 21 ODI wickets at 15.42 and an economy rate of 4.93; he takes a wicket every 19 balls.
3 His solitary ODI against South Africa was October's rained-out match in Hamilton; he enticed catches from Hashim Amla and Rilee Rossouw to take two for 40 in eight overs.
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