The Northern Irishman’s departure from the club, along with assistant Garry Parker, was confirmed by the club on Wednesday.
Hibs issued a joint-statement with Lennon which said that the management team “have not been dismissed and have not resigned” following the suspension placed on the duo by the club on Friday.
It said: “The suspension, put in place to allow an internal review, was lifted by the club as part of this agreement. Despite widespread speculation, the club confirms that neither Neil nor Garry has been guilty of any misconduct or wrongdoing and no disciplinary process has been commenced.
“However, Neil, Garry and the club now consider that it would be in the best interests of all parties to part amicably.”
Friday’s news brought speculation as to potential replacements. Strachan’s name was the most prominent to be mentioned, while ex-Kilmarnock boss Lee Clark threw his hat into the ring for the possible vacancy.
Stubbs, who led the club to Scottish Cup success in 2016, is keen on a return to the club as the Evening News revealed on Wednesday. The same day Strachan responded to the Hibs link, noting his reluctance to get back into management but would speak to the club if they were interested.
The former Celtic and Southampton boss was initially installed as 3/1 favourite for the job with McBookie but bets on a Stubbs’ return saw odds change with both candidates at 4/1.
Kilmarnock’s Steve Clarke and St Johnstone’s Tommy Wright are 6/1 and 8/1 to respectively.
Australia boss Graham Arnold who has been linked with the post is price at 14/1 and, curiously, ex-Hibs player Scott Brown is 12/1.
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