The 50-year-old managed Hibs between 2016 and 2019, guiding the Edinburgh club out of the Championship and then finishing fourth in the Premiership, qualifying for Europe.
Lennon left in January 2019 amid poor form and a reported bust-up with forward Florian Kamberi and chief executive Leeann Dempster. He then moved back to Celtic, where he won several trophies before a bid for ten league titles in a row faltered.
Hibs fans would be divided over a return for Lennon, but he is keen himself to get back into the game after spending time as a media pundit.
"I don't want to get comfortable because I do miss management and, ideally, I want to get back in eventually,” Lennon said.
"My ultimate aim is to entertain. Football is a results-driven business but you are there to entertain and that was always my thinking when I went into the role at Celtic both times.
"If you look at my record, it stands up against most people's. My teams always scored a lot of goals and in every club I've been at, I made a profit in player sales, even Bolton which was obviously difficult.”
He added in an interview with the Belfast Telegraph: “Hopefully the right team will come along. I love the Spanish game, I enjoy Major League Soccer, too. I've had a good rest, I feel fresh and I'm excited about whatever challenge lies ahead.”
Lennon is currently 12/1 with bookmakers to replace Ross, with Alex Neil the 5/4 favourite.