Wolves turned down an offer from the Scottish champions earlier in the week, but the League One club appear to have prepared for Griffiths' departure after agreeing a deal for Coventry striker Leon Clarke.
But Lennon refused to be drawn on whether the Hoops will make another approach for Griffiths and suggested he could look at alternative targets.
Speaking after the club's 4-0 win over Kilmarnock, he said: "It may do but we will see what tomorrow and Friday brings.
"There is no further movement either way.
"The fee was rejected so whether we go back again is something we will have to consider over the next couple of days.
"I don't get involved in that (fee), Peter (Lawwell, chief executive) does that side of things but I will speak to him tomorrow and see where we go.
"We are looking at other options as well. I am not saying the deal is dead by any means but we do have other people in mind, not for that particular position but also for other positions."