17-year old midfielder Henderson has made six Scottish Premiership appearances this season and has impressed in the centre of the pitch for the Hoops since his December debut.
18-year old defender O'Connell, who has also made his Bhoys bow this term, suggests that Henderson can be the man to fill the void in midfield which could save Lennon millions of pounds in the next transfer window.
O'Connell also suggested that Henderson has the ability to step seamlessly into the Champions League if he were to get the opportunity in 2014/15.
"I'd like to think players such as Liam can give the manager something to think about when it comes to signing new players and hopefully save the club some money," he told the Daily Record.
"It is brilliant what Liam has achieved this season and everybody in the development squad looks up to him.
"In most of the Premiership games that Liam has played he has been the stand-out performer. So I don't see any reason why he couldn't take that step up and hold his own in the Champions League.
"The likes of Liam and myself will just keep working hard and see where that takes us.
"It is up to the manager what he wants to do with regards to signing players in the summer."
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