The unbeaten hurdler, owned by Alan Spence, was fancied by many to give hot favourite Samcro a run for his money, but he has suffered a setback.
Speaking on a Cheltenham preview panel at Sandown, Henderson said: "On The Blind Side is going to stay at home."
He added: "I can't take a chance with him and I'll see if we can get him back to Aintree. He's sore behind. It's very frustrating.
"He'd have had a genuine chance behind what is deemed to be the banker of the meeting (Samcro)."