The Northern Irishman guided Celtic to a memorable triumph on Wednesday night as they beat Spartak Moscow to seal a spot in the knockout rounds for the first time since 2007-08, finishing second in Group G behind Barcelona.
The Glasgow club had needed to better Benfica's result against Barca to progress, with the Camp Nou clash ending in a goalless draw, and did so in dramatic style as Kris Commons netted a late penalty at Parkhead to seal the win.
Lennon has already led the Bhoys to Scottish Premier League and Cup success since taking the helm in 2010, and club chief Desmond believes the 41-year-old is destined for great things.
He told Sky Sports: "I feel that he has a bright future ahead of him.
"As I said some time ago, Neil is a manager that is just learning about managing.
He's very good, he's very deep, he is very considerate towards his players in every aspect. He's brought in a lot of new players."
Desmond believes Celtic's progression to the knockout rounds is a major boost not only for the club but for Scottish football in general.
He added: "For Celtic and for Scottish football it shows that Scottish football is a competitive league and that we can perform on the European stage.
"We're in the last 16 and hopefully we'll go on from here. It's ticked a box for Celtic and it's ticked a box for Scottish football."