Tottenham have already turned down a bid for one of their star players, Luka Modric, this summer and reports on Sunday claim another of their key men, Lennon, is a target for Liverpool.
The Reds have already spent big money on Jordan Henderson and look set to further strengthen their midfield with the capture of Stewart Downing from Aston Villa.
Blackpool's Charlie Adam is also a target for Kenny Dalglish, and it is now being reported that Lennon is also on the Scot's wishlist.
Spurs are keen to hold on to all of their star players this summer and are under no pressure to sell Lennon, who has three years left on his contract at White Hart Lane.
However, The People claims Liverpool will test the north Londoner's resolve with a bid of £15million, but the News of the World says the 24-year-old could cost upwards of £20million.
Harry Redknapp, meanwhile, has admitted he does have to sell before he can buy.
He said: "There is nothing happening in the transfer market.
"I need to sell four or five players to bring in funds.
"The chairman has made it clear we need to move a few players before we can start doing any business.
"I keep seeing us linked with this player and that, but unless we reduce our squad numbers we will stay quiet in the market."