The club, founded in 1874 and four-times FA Cup winners, owes about 600,000 pounds ($910,080) in unpaid taxes and has 173 million pounds of debt.
A failure to pay wages in December could allow players to get out of their current deals and leave the club for nothing.
"They can give the club two weeks' notice. That is their right. Obviously at this time of year it's a huge concern if they're not getting paid. We need something done very, very quickly," Lennon told British media.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"It's a scenario I don't want to contemplate.
"There's nothing I can do, unless I get a player who comes to me and says he wants to use his rights to go. Then I'll have to sit down and try and persuade him otherwise."
The club last played in the Premier League in the 2011-12 season.
(Reporting by Simon Jennings in Bengaluru; editing by Sudipto Ganguly)
