Several European clubs are taking a closer look at the 22-year-old, including Borussia Dortmund, RB Salzburg and Lyon.
Last summer, the Gunners signed Kieran Tierney for £25m - the most the Scottish club have made from any sale before.
While Celtic have not received any offers, Lennon admitted Edouard could leave for the right price.
He said: “It is difficult to say, particularly in this climate currently, that a player is not going anywhere, because everyone has a price.
“Ideally we don't want to sell our best players and we will remain steadfast on that.
“But if an offer comes in then I'm sure the club will consider it and do the best thing possible for the club going forward.
“But it's not just hard for me, it's hard for all managers right now.
“It will be interesting to see how the market opens up.
“You just don't know. The English Premier League is not finished yet but when they do they will be starting to look around.
“It might speed up before the new season starts but at the minute we have had no enquiries for any of our players. Nothing at all."