Commons has scored 18 times in 24 league appearances this season, helping Celtic to the verge of a third straight title.
Having enjoyed an impressive campaign, Lennon says Celtic will look to take the option of extending his deal when it expires at the end of this term.
"[Commons' contract] runs out in the summer but we have an option to extend it," he 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."
Celtic top the Scottish Premiership by 21 points, having lost only once in the top flight this season.