Talks between both clubs are ongoing with the player interested in a return to Glasgow.
Bellamy has been left out of Manchester City’s 25 man squad for next week’s Europa League tie with FC Timisoara and fears that he’ll also be omitted from the squad listed for the Premiership.
Tottenham and others are interested in the Welsh striker but City aren’t keen on boosting any of their main Premiership rivals.
Lennon explained: “When you see someone of the calibre of Craig not in the 25 and looking to go out and play football we feel that’s something that we can’t miss out on.
“We’ve been speaking to his representatives, we’ve been speaking to Man City. How far down the line we are is obviously down to Craig.
“The advantage that we have over other teams is 1) it’s not the Premier League and 2) he’s been here before and enjoyed his time. He made a huge impact.
“He enjoyed his time and has a real connection with the supporters.”
Lennon continued: “We’re looking to strengthen two or three areas in the team, we need to strengthen and we’ve been working very hard on that.
“Hopefully when the window shuts things will have settled down and we can crack on with the rest of the season, I’m looking forward to that.”
Portsmouth say no thanks to Tommy Smith bid
Follow Video Celts on Twitter and Facebook