O'Neill was wildly successful during his spell as manager of Celtic in the early 00s, including a treble win and reaching the Uefa Cup final.
Lennon became Celtic's latest permanent boss for the second time this summer after being handed the job full-time following a stint as caretaker when Brendan Rodgers left for Leicester City.
However, they've still to permanently fill the role of head of recruitment following Lee Congerton's exit as Nicky Hammond, brought in as an emergency replacement, is only in Glasgow on a short-term basis.
Having worked with O'Neill in the past, Lennon was quizzed on whether he could see his old mentor returning to work alongside him.
He answered: "I hope he gets back [into football management]. He’s only in his mid-60s and you know what I think of him as a manager. It’s whether he fancies it.
“Could he come back here in some role? He is fed up telling me what to do. He’s been doing it for 25 years! That would be an interesting one, but it’s not on the horizon.”