The Arsenal legend also believes the club must buy several new players in the summer if they want to win the league.
The attack on the duo came after Sunday’s 0-0 draw with Premier League leaders Chelsea, yet another game in which Arsene Wenger has failed to beat rival Jose Mourinho.
That run stretched to 14 games with the dismal draw at the Emirates, and effectively ended any slim hopes of the Gunners mounting a late challenge for the title.
Now, Henry has hit out two of their key players, with German Ozil in particular coming in for heavy criticism.
“I will single out Mesut Ozil,” he said.
“Against a top four team, that was his eighth game today - zero goals and two assists. That is not enough. Overall, since he has been at Arsenal, he has 14 assists.”
Frenchman Giroud didn’t come in for quite as harsh criticism from the Gunners legend, but he does believe that his old side cannot win the league with him up front.
“I think Giroud is doing extremely well. But can you win the league with him? I wouldn't think so. He does a job, and he does it ever so well, but you can't win the league.”
Henry also says manager Arsene Wenger needs to buy four players in the summer, suggesting that the current crop of stars is not good enough for them to win the league.
The Gunners have spent heavily in the last few summers to bring in stars such as Ozil and Alexis Sanchez for large fees while also filling in other positions as well. However, there is still work to be done as far as the former forward is concerned.
"I think they need to buy four players - they need that spine,” he added.
“They need a goalkeeper, they still need a centre-back, they still need a holding midfielder and, I'm afraid, they need a top, top quality striker to win this league again.”