Lennon said: “I have parted company with Celtic. I can’t thank Peter Lawwell and the board enough for their backing and support. The club are in a very strong position and I wish the fans and the club all the very best for the future.”
It brings to an end his four year, often controversial reign at Celtic Park.
Lennon is sought after and is currently 8/15 favourite to be the next manager of Norwich City. They were relegated from the Premier League to the Championship at the end of last season.
West Bromwich Albion are among other clubs on the lookout for a manager.
As for his replacement at Celtic, the bookies make former player Henrik Larsson 4/5 favourite (best price with Ladbrokes). Owen Coyle is best price 8/1 with the same bookies.
Paul Lambert, whose future at Aston Villa looks to be an uncertain one, is best price 8/1 with William Hill.
Former Manchester United and Everton manager David Moyes (below) – a former Celtic player – is best price 10/1 with Boylesports.