The former Celtic and Newcastle United managers are thought to be on a shortlist for the Belgian club.
They have both been out of work since March, but according to a report from the Sun both former Celtic and Bolton Wanderers manager Neil Lennon and ex-Newcastle United boss Steve McClaren are in the running to take charge at Belgian giants Anderlecht.
McClaren was sacked as Magpies manager with the club mired deep in trouble on 11 March, and Lennon left struggling Bolton Wanderers just five days later, with both clubs ultimately suffering relegation from their respective divisions.
The former Newcastle and England coach has seen his stock fall dramatically in England in recent years, and allegedly has been rejected by Championship clubs Cardiff City and Rotherham United since his dismissal.
However, the 55-year-old does have some European pedigree having led Twente to their first ever Eredivisie title six years ago, and that could make him an attractive name for the Belgian club as they consider a replacement for current coach Besnik Hasi who is expected to be sacked imminently after a disappointing domestic season.
Lennon, though, is thought to be more of a leading contender with Anderlecht keen to snare a coach with Champions League experience, and the Sun quotes him as having expressed interest in coaching in Europe after spells in Scotland and England.
The Northern Irishman said, according to the paper: "Moving abroad is definitely something that would interest me, because I have enjoyed the European experience. If an opportunity arose that I really liked the look of then I’d seriously consider it."