Reports this morning claiming Benitez would be given funds in excess of £30 million to spend this summer prompted the suggestion that Lennon topped the Spaniard's wish list alongside Daniel Alves and Gareth Barry.
Related ArticlesPremier League team news
Walcott and Lennon in U21s
Spurs announce record pre-tax profits of £39.3m
Redknapp: Spurs still involved in title race
Rafael Benitez heads for busy summer of rebuilding at Liverpool
Liverpool's transfer targets and sales now Rafa Benitez has signed on
Tottenham manager Harry Redknapp said of the news: "He has signed for the next five years and that is good news for the club.
"He wants to stay and we want to keep him - he is a young player with a great future. He's been fantastic since I've been here and we're delighted to secure him long term.
"He has all the ability, he's still learning the game and has to keep listening and take things on board. If he keeps doing that he can become a fantastic player."
Lennon joined the White Hart Lane-based club from Leeds United in July 2005. Since his arrival he has made 160 appearances and won the Carling Cup.
Meanwhile, Lennon's team mate Vedran Corluka claims finishing outside the top six will render Tottenham's season a failure.
Despite a significant improvement under the leadership of Harry Redknapp, who led them to their second successive League Cup final, the Croatian international says they are unlikely to finish a long way off their pre-season expectations.
"Before the season everyone was saying that we need to be in the top six, so if we are not there then it is not a success," he says in the Mail
. "If we had a target before the start of the season and we didn't achieve it, then it's not a success.
"We were saying 'we will break the top four' but we are now in this position. We need to wait and do some things first because we are far from there now.
"We need to set one target and be there. Then we can say "we've done this, we can do something else next year."