Lennon has struggled for regular football under Ronald Koeman this season, starting just six league games.
The 29-year-old moved to Goodison Park on loan from Tottenham in January 2015 before making the move permanent that summer.
Lennon made 31 appearances under Roberto Martinez last season, including a purple patch where he scored seven goals in 10 games between January and March.
Things have been a bit tougher for Lennon this season though and it appears Ronald Koeman is ready to let him move on.
The Dutchman has already been fairly ruthless in dispatching squad players this month, with Tom Cleverley, Oumar Niasse, Gerard Deulofeu, Darron Gibson and Bryan Oviedo all being shipped out.
Lennon is a popular figure among the supporters given his attitude and tremendous workrate.
However, he has struggled for consistency in a blue shirt so most fans would understand if he was moved on to find regular first-team action elsewhere.