The Hibernian boss welcomes Rangers to Easter Road this evening but will be up against interim boss Graeme Murty.
It looked as though McInnes was all set to join his former side last week, only to reject a move to Ibrox in favour of remaining at Aberdeen.
The Scot has turned down offers from other clubs in the past.
And Lennon couldn't help but aim a thinly-veiled dig about McInnes wanting to be at a 'stable' club.
“I would have expected Derek to be in the dugout tonight,” he said.
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“He’s very happy an in a stable environment at Aberdeen”
Neil Lennon
“It’s Derek’s decision. I’m only surmising, but he had a tough time at Bristol City behind the scenes.
"When you’ve had that, and I’ve had it at Bolton, you don’t want to be firefighting again. So maybe that’s one of the reasons.
“He’s very happy an in a stable environment at Aberdeen and he’s already turned down Sunderland, which looks like the right decision.
"It’s not about the money for Derek, I don’t think.
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"It’s about the right club and a stable environment and maybe the reason he decided to stay was he was going into the unknown a bit."
Rangers released a statement after McInnes' rejection, claiming the 46-year-old may not have been ready for a move to a 'massive club'.
Hibs are three points behind the Gers, who sit level on points with Aberdeen.