Lennon told The Record: “(Commons’ contract) runs out in the summer but we have an option to extend it.
“It’s up to the club to take that and after the season he has enjoyed it’s pretty nailed on that we will.
“We would then probably look further down the line to look at keeping him for longer.”
The Scottish Player of the Year candidate has scored 23 goals in all competitions for Celtic this season.
Commons has also reiterated that he has no plans to return to the national side, having retired from international football to spend more time with his three children.
Commons said: “Playing with Celtic and trying to get back in the Champions League, the amount of time you already spend away from your family is a lot without playing for Scotland as well.”