Bolton Wanderers were prepared to part with ex-Liverpool man Spearing after reaching an agreement with their Championship rivals at Vicarage Road.
They are, however, reluctant to let anybody leave before they have brought in suitable cover.
Lennon has been working hard in the pursuit of top targets, but has seen his efforts come to nothing.
He admits to having expressed an interest in a number of players that have ended up elsewhere in the second-tier, with Sheffield Wednesday and Birmingham City beating him to loan agreements for Chelsea’s Lewis Baker and Watford’s Lloyd Dyer.
Bolton were also looking at Diego Fabbrini, but have seen him link up with Millwall.
Lennon told the Bolton News: “There will be no changes to Jay’s situation unless I get some bodies in.
"We tried Fabbrini, couldn't get the deal done, Lewis Baker, we couldn't get that one done and Lloyd Dyer, we were interested in him but he wanted to stay closer to the Midlands. We really need to bring people in now and help the group we have got.”
Lennon is looking to bring fresh faces into Bolton as they remain on the fringes of the play-off chasing pack.
They are 11 points adrift of the top-six at present, but a surge over the second half of the season could still fire them into promotion contention.
Spearing has been deemed surplus to requirements in that particular pursuit, but he may be forced to remain with the Trotters for a little longer as they endeavour to bolster their midfield ranks.