With the former Leicester midfielder having long been linked with a return to England, here are a few potential destinations south of the border.
The highest-profile job currently available is at White Hart Lane, following Tim Sherwood's recent departure. Having won Scottish titles and experienced the Champions League, Lennon may find that Spurs' ambitions match his, while his sudden availability may alert the club.
If Lennon does not want to wait for other vacancies to become available, he could consider applying at West Brom. The Hawthorns may have been an unsettled place in the past year, with Steve Clarke and Pepe Mel both discarded, but the Baggies have sound off-field structures and offer a good platform on which to build.
Southampton could be an enticing proposition should Mauricio Pochettino be lured away by Tottenham, as the Argentinian is widely reported to be the Londoners' first choice. Saints have just enjoyed a fine season and have received much praise for their youth set-up.
The uncertainty over Villa's future ownership, with Randy Lerner looking to sell, has raised questions over Paul Lambert's position. Lambert feels his side has suffered from a lack of investment but, in terms of bare facts, he has only overseen two relegation battles at Villa Park. A new owner may make a fresh start and the challenge of reviving a great old club may appeal to Lennon, as it once did to another former Celtic boss, Martin O'Neill.
With Neil Adams thought unlikely to be offered the manager's post on a full-time basis at Carrow Road, the Canaries also appear to be in the market for a new manager. Their relegation from the Premier League, however, significantly reduces their appeal.