The Spurs midfielder joins a long list of players linked with a move to Anfield, including Charlie Adam and Stewart Downing, and Redknapp knows he may need to offload a star name
The Anfield club are in the midst of ongoing negotiations with Blackpool for Charlie Adam, while they been heavily linked with a move for Aston Villa's Stewart Downing.
However, when these deals are complete, Liverpool are expected to turn their attention to Lennon, as manager Kenny Dalglish looks to bring in players who can create chances for his £58m (€65m) strikers Andy Carroll and Luis Suarez.
Tottenham manager Harry Redknapp has reportedly said he needs to sell players before he can buy any more, and it may be that he has to sell one of his more high-profile names to fund his planned rebuilding of the Spurs squad.
Gareth Bale and Luka Modric have been the subject of intense speculation recently, but letting Aaron Lennon leave may appear to be a more inviting prospect to the White Hart Lane hierarchy.