The club has confirmed that current head coach Ronny Deila will be leaving at the end of the season following a disastrous season in Europe and failure to win any of the domestic cups.
Following the latest disappointment against Rangers in the Scottish Cup semi-final, Deila will now be leaving Celtic - and Lennon has already reacted to throw his hat in the ring.
The former manager and club captain, on being asked by Sky Sports if he would return, said: “That’s the 54 million dollar question. I have never hidden my affinity with the club.
“Would I like to go back? If the opportunity arose to speak to the board, absolutely.”
Lennon admitted he only had limited sympathy for Deila after seeing him lose his job, adding: “When you get the job at Celtic, there are not many better jobs around.
“Maybe, in another part of the club’s history, he might have had a better chance of fulfilling his ambitions or expectations. In terms of sympathy, I have sympathy for him for the fact he is leaving a fantastic job, but not for going in there and taking the job on.”