Lennon is keen to agree a deal to bring in the Wales international, who enjoyed a loan spell at Parkhead earlier in his career.
Bellamy has been told he has no future at Premier League title contenders City after spending last season on loan at Cardiff.
There have been reports that Bellamy is not interested in joining the Bhoys, but Lennon is not giving up on a deal for the 32-year-old.
The Celtic chief is also in the market for a new left-back after losing Emilio Izaguirre for several months due to injury.
"Craig is still an option," said Lennon. "It could even be a last-day thing.
"I've not spoken to him but I'll liaise with Manchester City on that. We haven't had a definitive 'no' on it.
"I'm sure people will become available when the English clubs name their 25-man squads. Sometimes you have to play a waiting game but we are working on a number of things.
"We'd like to bring a left back in to cover Izaguirre's loss, maybe until January. But it's difficult to convince players just to come until then."
Source: Team Talk
Source: Team Talk