The 40-year-old was unveiled as Gus MacPherson's successor yesterday and takes over the Buddies helm after guiding Cowdenbeath to back-to-back promotions.
Lennon's first task as manager will be to determine which players he wants to retain, before drawing up a list of potential signing targets.
He said: "We've got players who are under contract and we have seven or eight whose contracts have expired so I've got to make big decisions about these lads and evaluate them.
"I went home with DVDs and detailed reports and stats on each and every one of them so I'm still evaluating them over the next day or two.
"I know these lads have families and commitments and I know how important that is. But it has to be right for the football club with the budget we have.
"That leaves a little bit of room to bring one or two in if need be.
"The players who are there have done well over the last four seasons to stay where they are. They did exceptionally well last season going to the cup final.
"With the strong foundations that have been laid, it's up to Danny Lennon to stamp his mark now and see if he can take it that step forward."
Saints may be searching for a new owner but Lennon is unconcerned about events behind the scenes at his new club - only results on the park.
"The board were totally up front with me right from the off," he said.
"I didn't even have to bring the question up. They were honest with me and I've not got a problem with that.
"I was working with a man who had a very little budget last season and had to keep a lot to himself in terms of whether Cowdenbeath were going to survive.
"The off the field dealings aren't a concern to me. I'm only interested in what I can bring about this place on a daily basis and that will be a positive atmosphere."
Chairman Stewart Gilmour added: "I don't think the sale of the club has any impact at all on the budget.
"In terms of the board of directors who run St Mirren, it's business as usual.
"Yes, we have stated clearly that we feel our time has come, that we've done what we have set out to do here and St Mirren need to go on to another level.
"I'm sure the right person will come along at the right time and when that person comes it will be ideal.
"There have been a number of enquiries, a number of people have put proposals but not proposals the board and consortium sought to take the club forward.
"So it's business as usual, we are here to run a football club as best we can and we will do that."