At a meeting on August 10, the SPL will consider the evidence on dual contracts and EBTs currently being collated, and a commission will decide what punishment should be applied.
This could include removing the titles won by Rangers in 2002-03, 2004-05, 2008-09, 2009-10 and 2010-11. In each of those seasons, Celtic finished second.
Lennon said that, if Rangers' title wins are annulled, the records must be amended to show the team that finished second is credited as champions.
That means Celtic would have 48 titles, bringing them to within one of Rangers.
In terms of the Scottish Cup, it would mean beaten finalists, Celtic (2002), Dundee (2003), QOS (2008) and Falkirk (2009), would now have silverware added to their records.
Lennon said removing titles and handing them to runners-up happens in other sports, including cycling and athletics, when a winner has subsequently been found to have broken the rules.
He said: "I will see what the commission finds and, if they are found to have broken the rules, they should be stripped off their titles.
"It will not change what has gone on in the past, but I suppose there will be a sort of moral victory."
Lennon, who won five SPL championships as a player with Celtic, added: "It's not going to change my life but it would be good to be changed for historical reference."
When asked if the title should go to the team finishing runner-up, Lennon replied: "Yes."
However, he explained the implications fall much further than just depriving runners-up of the success they were due.
"At that time, it might have cost players contracts and bonuses, managers their jobs and might have relegated teams.
"There are so many ripple effects.
"Again, you go back to the integrity of the game. Was it there? If not, then it should be investigated. That is all we ask.
"We're in the game for the glory, and then the money comes with it. The more successful you are, the more money you get."
Lennon insisted he is not interested in gaining medals for any titles which Celtic are retrospectively awarded.
"Like I said, it won't make a huge dent on my life from here on in," he said. "But it would look a lot better on my CV. "
Lennon has previously been reluctant to comment on the investigation into Rangers' EBTs, and what should happen to any titles won by them if they are proved to have broken the rules.
However, with the matter now to be heading towards conclusion as the SPL compile the dossier on the alleged misuse of EBTs to place before the commission, he believes the time is right to speak up.