It has been closed since Monday last week after it became impassable due to the floods and Oxfordshire County Council says it has been continuously assessing the situation.
David Nimmo Smith, who represents Henley on the council, said: Subject to a structural assessment today, Sonning Bridge re-opening will be this weekend.
As a result of the flooding, there has been some structural damage to a section of this road so we plan to install temporary traffic signals today to protect the damaged section from further damage and also to ensure that motorists are not put at risk.
These will remain in place until such time that appropriate emergency repair works can be completed.
A council spokesman said it was highly likely it would be open by Monday or at some point next week at the latest.
He said: We will do so earlier if we possibly can but at the moment thats not looking likely.
Only part of Playhatch Road, which connects the bridge with Playhatch, will be re-opened at first due to surface damage caused by floodwater. Temporary traffic lights could be used.
The spokesman added: We need to carry on assessing it and responding to the set of circumstances. The overarching aim for the council is to get it open as soon as possible.
The closure of the road has led to gridlock in Wargrave Road, Remenham Hill and Reading Road in Henley, as well as in Caversham and on the A4 near Charvil as drivers use alternative routes.
Flood warnings remain in place in communities on the River Thames between Henley and Medmenham and in Shiplake and Wargrave.
The Met Office forecasts rain today but then drier weather until Tuesday.