Lennon left his post in Glasgow earlier in the week, with his assistant John Kennedy expected to take charge until the end of the season.
The Hoops have endured a miserable campaign so far, with bitter rivals Rangers just seven points away from clinching the Scottish Premiership title.
Speaking on talkSPORT, Brazil admitted that his dream appointment would be Leeds United manager Marcelo Bielsa, but suggested that O’Neill could be a more realistic option for the Bhoys.
He said: “You know who I would love to come in? It ain’t going to happen, but I would love Bielsa.
"For me, it's the Celtic way. I’d love someone like him to come up there and get them buzzing, playing free-flowing football, chasing every ball and harrying – but that's not going to happen, so I’m not daft.
"Couple of other names mentioned – Roberto Martinez, why would you leave Belgium?
"Henrik [Larsson], the fans loved Henrik, he was a god up there, but you know, inexperienced.
"Would Martin O’Neill come back? I think Martin has a great relationship with Mr. Desmond. Would Martin come back with maybe a younger manager? I think that’d go down well.
"Eddie Howe is a bright young manager. I can’t see Sean [Dyche] leaving the Premier League for Celtic. I can’t see Frank Lampard going there. Would Mark Hughes go up there? I don’t know.
"I think Martin is one of the frontrunners, if he wants it.”