Celtic boss Lennon hopes he will be allowed to reinvest Kieran Tierney's record £25million transfer fee.
The Hoops boss was busy overseeing his team's 1-1 Champions League draw with Cluj as reports broke that a deal had been struck with Arsenal to make Tierney Scotland's most expensive ever footballer.
Asked if he was expecting to see the profits to spend on his team, Lennon told BBC Radio Scotland: "I hope so. There are a few areas that I'd like to improve in.
"If that is the case then he goes with everybody's best wishes. He's a superb player and will be a big loss to us.
"It shows the work that people have done at the club, whether it be Brendan Rodgers, Ronnie Deila or the people at the academy to produce such a fine player. He's an outstanding young talent and a great kid.
"I don't know (if a deal has been agreed) but like I've said the last few days it wouldn't surprise me. These things tend to naturally take their course, so we'll have to wait and see. I've not had any confirmation at all."
Manchester City have completed the signing of Portugal right-back Joao Cancelo from Juventus, with Brazil full-back Danilo heading the other way.
Cancelo, 25, has signed a six-year-deal at the Etihad Stadium.
"City are a fantastic club, with a brilliant manager and I am delighted to be here," Cancelo said after agreeing personal terms and completing his medical.
While partly a swap involving Danilo, figures released by Juventus indicated that the Italian club have also received €28m to complete the deal.
Everton have signed Monaco right-back Djibril Sidibe on a season-long loan deal and manager Marco Silva expects him to compete with Ireland captain Seamus Coleman for a starting place.
The 27-year-old becomes the sixth new arrival at Goodison Park this summer after goalkeeper Jonas Lossl, midfielders Andre Gomes, Fabian Delph and Jean-Philippe Gbamin, and striker Moise Kean.
Inter Milan are believed to have submitted a new and improved bid for Romelu Lukaku in the hope of finally signing the wantaway Manchester United frontman.
The 26-year-old is hoping to leave Old Trafford for pastures new just two years after his big-money switch from Everton.
David Luiz trained separately from Chelsea's first team on Wednesday, with Arsenal understood to be pushing to sign the Brazil defender.
Republic of Ireland striker Scott Hogan has joined Stoke City on a season-long loan from Aston Villa.
Hogan moved to Sheffield United at the end of January on a short-term loan as opportunities dried up at Villa Park. He helped the Blades earn promotions to the Premier League but will remain in the Championship after the Potters wrapped up a switch on Wednesday.
Now, the 27-year-old is targeting goals and games.
"I was never going to just leave Aston Villa for the sake of it - the move had to be right for me, and Stoke City ticks all of the boxes," he told Stoke City's club website.
"It has been a really tough couple of years for me, because I was doing really well at Brentford, scoring goals and then got the move to Villa which for whatever reason just never worked out.
"Sometimes in football things don't work out, I tried as hard as I could, but I am still confident in my own ability and fully believe I can reproduce my best form here.
"I just want to get back to playing regularly, because only by playing regularly can you score goals, and I haven't had that for a couple of years.
"I have real belief in my ability, I am confident and know that regular games would help me provide regular goals, which is what I have been brought in here to do."
Meanwhile Josh Cullen has returned to Charlton Athletic, where he spent last on loan from West Ham.
The 23-year-old playmaker was part of Lee Bowyer's Addicks outfit as they got out of League One and he will go back there this campaign to help the club re-establish themselves in the Championship.
The 32-year-old was at Chelsea's Cobham training ground, but it is understood he did not take part in the main training session with Frank Lampard's men.
Crystal Palace have signed Spanish midfielder Victor Camarasa on loan from LaLiga club Real Betis.
The 25-year-old will spend the season at Selhurt Park, with the Eagles then having the option to buy him next summer.
"I'm delighted that we've signed Victor, and we think he will further improve the quality of our squad," Palace chairman Steve Parish told the club website.
"He is a talented, exciting player who will offer us creativity in the midfield."
Manchester United have also discussed a deal for Christian Eriksen, but the Tottenham playmaker is understood to favour a move to Spain.
It is believed that United explored a deal for Eriksen, whose contract with the north London club only has one season to run.
The Old Trafford giants have been long-time admirers of the 27-year-old, who indicated earlier in the summer that he was ready to "try something new", but the Denmark international is believed to have set his sights on a switch to Real Madrid.
Discussions have come to an end so it looks unlikely that Eriksen will be heading to United, and time is running out if they are to add to their squad before Thursday's 5pm deadline.
Talk of a move for former Spurs striker Fernando Llorente is understood to have come as a surprise to those behind the scenes at Old Trafford, while it remains to be seen how the collapse of the swap deal involving Dybala and Lukaku impacts any move for Juventus frontman Mario Mandzukic.
Watford have signed Danny Welbeck on a free transfer.
The striker (above) has been without a club following his release from Arsenal at the end of last season, but has now signed at Vicarage Road.
The 28-year-old, who has won 42 caps for England, has seen his career ravaged by injury, but he is fit again after breaking his ankle playing for the Gunners before Christmas.
Carl Jenkinson has ended his eight-year stay with Arsenal to join Sky Bet Championship Nottingham Forest.
The 27-year-old defender, a senior England international who represented both the Three Lions and Finland at youth level, has moved for an undisclosed fee and signed a three-year contract at the City Ground.
Jenkinson, who came through the ranks at Charlton before joining the Gunners in a £1million move in July 2011, had two loan spells at West Ham and another at Birmingham during his time with the Gunners, for whom he made 70 appearances.
