The 21-year-old midfielder will see his current deal at St James' Park expire at the end of the season.
It is unclear where he figures in Newcastle's plans, with it likely that he will be dropped into the free agent pool.
St Mirren would welcome the opportunity to bring him onto their books on a full-time basis, having been impressed by him during a productive loan spell which has included a League Cup triumph.
Lennon said: "He's certainly somebody I'd like to bring here.
"He's had a short period at the club but if things didn't go to plan the way he would wish at Newcastle, then I know that's we would all like."
He added: "The loans have worked well for us this season. While we are growing our own talent, we'll want to continue to bring in guys on loan.
"We have a relationship with both Newcastle and Rio Ave and it's credit to those clubs for having trust in us that we can develop their players.
"We've given them experiences they would never have had with their own clubs and it is a win-win situation for the players and the clubs."