His former club relieved Jack Ross of his duties on Thursday morning and Lennon is priced at 12/1 with some bookmakers to make a sensational return to Easter Road.
Former Hibs captain David Gray will take charge of the team for the foreseeable future, with John Potter also having left the club.
Gray will be assisted by Craig Samson and Eddie May with the club’s hierarchy seeking to install a new permanent manager “in due course”.
Lennon led Hibs back to the Premiership following three seasons in Scottish football’s second tier, winning 59 of his 123 matches in charge to give him a 47.97 per cent win rate. Speaking to the Belfast Telegraph, he gave his thoughts on returning to the dugout in the future.
"I don't want to get comfortable because I do miss management and, ideally, I want to get back in eventually.
"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.”
Lennon has been working as a pundit since leaving Celtic for a second time but says he is open to jobs “here or abroad”.
He added: “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.”
Alex Neil is currently the 5/4 favourite with Scots bookmaker McBookie, with St Johnstone boss Callum Davidson priced at 5/1.
Gray is also at 5/1 along with ex-Aberdeen manager Derek McInnes while Jim Goodwin is 8/1 to swap Paisley for the Capital.
Lennon is on 12/1 along with fellow former Hibs boss Alan Stubbs and ex-Stoke and Ipswich boss Paul Lambert.