The Sun broke the news at the start of February that Marcelo Bielsa was looking at a potential deal for the veteran winger, who started his career in West Yorkshire but left to join Tottenham Hotspur all the way back in 2005.
It is understood that Lennon, who is now 31 years of age and playing his football at Burnley, could be tempted by a return to his boyhood club at the end of the current campaign.
And Warnock, who played for Leeds between 2012 and 2015, believes Lennon could be a fine addition on and off the pitch.
“It’s his old club, so he’ll know the area very well and he’ll know the club very well too,” said the former defender.
“He would bring a lot of experience to the team, and when you look at the young players coming through, the amount they can learn from him will be incredible.”
A jet-heeled, pocket-rocket of a winger, Lennon made over 350 appearances during an outstanding spell at Tottenham, winning the 2008 League Cup and reaching the quarter-finals of the Champions League with the North London giants.
And he remains as quick as ever even into his 30s, having joined Burnley following a spell at Everton.