The 45-year-old has been out of work since he was replaced at St Mirren by his former assistant Tommy Craig in May.
However, Lennon, who ended St Mirren's 26-year major trophy drought by winning the 2013 League Cup, has been immediately installed as 3/1 favourite for the vacancy in Dingwall following the sacking of Derek Adams.
The former County midfielder confirmed his interest in an interview on BBC Scotland.
"It is an attractive position and it certainly interests me," said Lennon. "I spent time at Ross County towards the tail end of my career and it is a lovely place with lovely people. It is a nice part of the world.
"The northerly location might put some people off applying for it, some folk might be put off by the success Derek Adams had and think he had taken Ross County as far as they can go. Personally, I think a great foundation has been laid for someone to go and pick that up and take over. They have a great stadium, great facilities and, in many ways, are a model club.
"I think the job Derek Adams has done has been tremendous.
A few years ago they were on a 40-game unbeaten run spanning the [old] First Division and SPL.
He got them into the top flight, had good finishes in that league and reached a Scottish Cup final. That is impressive but it's not the whole story. Roy MacGregor is one of the best chairman in Scottish football. He has made the club what it is today: a wonderful success story and a vital part of the community. Roy has backed his manager with players and without that support the club would not be where they are today. In that sense, I understand the frustration which has lead him to make a massive call."