Both women won their semi final matches in straight sets to set up an intriguing final for which the bookies are all very closely matched in the betting.
Williams reached her fifth Melbourne final with a hard fought 7-6 7-6 victory over Li Na whilst wildcard Henin thrashed Zheng Li 6-1 6-0 to reach the final in only her second major tournament since coming out of retirement 18 months ago.
Coral make the defending champion 12/5 to win the final in straight sets and 11/4 to win 2-1.
Henin is 9/4 at Ladbrokes to win 2-1 and 3/1 to win in a deciding set.
Compare odds on over 20 markets on the Ladies final.