The club's board of directors will reconvene over the coming days to discuss potential candidates after electing to end Lennon's time in charge after four years.
Names including Ian Murray, John Collins, Barry Ferguson, Gary Bollan and Tommy Craig, Lennon's assistant at St Mirren Park, have all been linked with the vacancy although Herald Sport understands none have been formally approached yet about the position.
The club, though, are aware that time is of the essence with only seven first-team players contracted beyond the summer and some, such as midfielder Kenny McLean, already being linked with other clubs.
Should discussions with their favoured candidate go well, the new manager could be unveiled before the end of the week, at which time his first task will be to decide which players he would like to keep.
Despite having led the club to their first League Cup success last year with a 3-2 victory over Hearts, it is thought that periods of poor league form have ultimately cost Lennon his job.
St Mirren fought against relegation in three of his four seasons in charge, the hope now is that a new manager can lead the team higher up the SPFL Premiership table.
Lennon's exit was confirmed in a short statement that read: "The board of directors have today decided not to offer Danny Lennon an extension to his contract that expires in June 2014.
"Danny and his players gave our club one of its finest days on 17th March 2013 [when St Mirren won the League Cup] and they will always be remembered by the club for that wonderful day.
"Decisions like this are never easy, however we would in particular, commend Danny for his professionalism and the dignified way he has carried out his duties during a very challenging season. The board would like to thank Danny for his service to the club over the last four years and wish him every success in the future."