But Lennon believes the idea is unlikely to gain support from other member clubs, as Scottish Football spends another period of uncertainty over possible league reconstruction for next season.
When asked about the idea of a Celtic colts side playing in the lower leagues, Lennon said: "Why not?
"I think it would be good for the game but from what I gather there is not too much support for that. I think it was mooted maybe a year or two ago but nothing was taken on with it.
"For us, it is a good idea. Ourselves and Rangers are probably the only clubs who could afford to do that. Whether it would bring crowds in, give our players experience, I don't know."
Once again Lennon had to deal with questions about Rangers - days after Celtic defender Charlie Mulgrew was also asked for opinions on the Third Division club.
But unlike Mulgrew, the Irishman was not prepared to indulge the press pack over matters relating to matters at Ibrox.
Lennon added: "I told you before I am not going to answer any more questions about Rangers and the fact that you asked Charlie the question the other day - that disappointed me as well.
"Charlie was there to promote PFA Scotland player of the year and he ends up answering questions on Rangers.
"Now I have told you before if you want to pursue that line of questioning the press conference is over."