Commons' current contract expires at the end of the season, but Celtic hold an option to extend it by a further 12 months.
Lennon expects Celtic to trigger that clause and believes the club will look to extend it even further as they attempt to secure the future of a highly-rated playmaker.
"It runs out in the summer but we have an option to extend it," Lennon told the Daily Record. "It's up to the club to take that and after the season he has enjoyed it's pretty nailed on that we will.
"We would then probably look further down the line to look at keeping him for longer. We're talking about a top player."
Former Derby and Nottingham Forest ace Commons has scored 23 goals for Celtic this season and is in the running for the Player of the Year award in Scotland.