Nolan enjoyed a successful decade-long spell at Bolton and following his recent release from West Ham United, the midfielder has been touted for a return back to his boyhood club.
It has been suspected that financial matters would be the biggest obstacles that would prevent cash-strapped Bolton to complete the transfer but now Lennon has gone on to reveal that he will only sign Nolan if the move benefits the parties involved.
Lennon said: "If he was to come in it would probably have to suit both parties.
"I don't know about affordability but I think that would be the main stumbling block more than anything. But there has been no contact – not yet."