The Hoops have called a press conference for 11am at Celtic Park when they will present their new boss.
It is understood Lennon will replace Tony Mowbray at the helm after a successful spell as interim manager following Mowbray's departure.
Widespread reports today claimed Lennon had reached agreement with the Glasgow giants to take on the role on a permanent basis, with Stuart Baxter coming on board in an advisory role.
However, Celtic tonight declined to comment on the Finland coach's possible involvement with the new management team.
Former captain Lennon took over the helm in a caretaker capacity when Mowbray parted company with Celtic after just nine months in March.
Hopes of landing the post long-term were initially dealt a blow following a shock Active Nation Scottish Cup exit to Irn-Bru First Division side Ross County.
But an impressive recovery saw Celtic claim eight wins from eight in the Clydesdale Bank Premier League under Lennon to place him firmly in the frame for the job.
Lennon joined Celtic in a 5.75million move from Leicester in December 2000 and spent seven years in the east end of Glasgow, before spells with Nottingham Forest and Wycombe.
He returned to Parkhead in a coaching capacity in April 2008, before being put in charge of the reserves following Mowbray's appointment the following year.
Reports suggest he will be assisted in his new role by Johan Mjallby, Alan Thompson and Garry Parker.