The Buddies boss has had problem in defence after Darren McGregor had surgery on a damaged cruciate ligament in August.
Marc McAusland has had injections to combat knee tendonitis and has played through the pain barrier to maintain a partnership with Lee Mair at centre-back.
Lennon said: "Marcus Fraser is a name that has been mentioned to me.
"But it is early to be talking about things in that regard. I will assess my options. It will be early in the New Year before things happen.
"However, he is a young player with a lot of promise."
Lennon will check Fraser's form with the Celtic second string before making a final decision on a loan move.
The Paisley manager said he was happy at landing a home draw in the fifth round of the William Hill Scottish Cup.
Saints will play against either St Johnstone or Cowdenbeath.
Lennon said: "All you can ask from any cup draw is a home tie.
"The fourth round has thrown up a good few banana skins and there is no point in conjecturing about who will prevail between Cowdenbeath and St Johnstone.
"We just have to be happy we will be welcoming the winner."