Tottenham winger Lennon remains a target for the Toffees and could make a permanent move to Goodison Park after a successful loan there last season.
However, if the 28-year-old England international does make his way to Merseyside, Republic of Ireland winger McGeady will leave on a season-long loan.
Former club Celtic has been touted as a possible destination but it seems unlikely that the 29-year-old will move to Scotland just yet.
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