The Championship club offered the Scottish champions £1.5million to buy back the 27-year old centre-half but Lennon was not too happy with Forest's efforts.
"There was a bid came in on Friday. I haven't had the chance to digest it yet but on the surface it's not going to be anywhere near enough," said Lennon.
"He's got two years left on his contract so he's in a stable position as far as that is concerned. There's no need to push the panic button."