Lennon, who has led Celtic to three Scottish league titles and two Scottish Cups in the last four years, has been rumoured for the vacant managerial role since the Canaries relegation was confirmed from the Premier League.
Although Lennon has expressed his desire to challenge himself south of the border, the Daily Mail are reporting that no concrete offer has been made for the 42-year old, and the former Northern Ireland international is waiting for contact before deciding on his future.
"There’s going to be a bit of toing and froing over the next few weeks. When I’m asked I say I am pretty happy where I am. I’m pretty stable.
"There has been no offer, there has been no concrete phonecall or anything like that, so I haven’t really had a decision to make on it."
Lennon would be reunited with former Celtic compatriots if he completes a move to Carrow Road, with striker Gary Hooper having completed a move last summer, and chief executive David McNally - the man in charge of overseeing the deal for a new manager - having experience at Celtic Park.
However, former Rangers star Mark Hateley has suggested that Lennon is likely to struggle in England, with the lack of competition in Scottish football working against the managers reputation.
Speaking to the Belfast Telegraph the Ibrox legend said: "I think it will be difficult for Neil.
"What we have in Scotland, even for players going to England, is the problem of coming from a so-called 'inferior league' and that is how they're judged. Managing Celtic, he doesn't have a lot to do to win a championship so I think that will be the problem with Premiership clubs looking at Neil.
"He's done a great job in the Champions League, including the famous win against Barcelona, but I still think we have that problem of how people look at the Scottish League from afar.
"People think 'It's not a great league, do you really have to be that good to play or manage up there?' That is the dilemma we're faced with, so Neil will find it difficult to find a job in the Premier League."
Ex-Cardiff City boss Malky Mackay has also been linked to the vacant role, although he would prefer to stay in the Premier League. Norwich interim coach Neil Adams - who failed to win any of his five games in charge following his promotion - is set to revert to his academy role at Carrow Road, despite a desire to remain in the frame for the full-time managerial role.