The former Scotland international frontman, 38, is on his way out at Ibrox with his contract expiring at the end of next month.
Miller has been suspended indefinitely along with club captain Lee Wallace following a fracas in the dressing room after the 4-0 Scottish Cup semi-final thrashing from Celtic at Hampden on Sunday.
The Hibs boss, though, is likely to make his move in the summer after missing out on his ex-Celtic team-mate a year ago.
Lennon, who is preparing his side for the visit of Brendan Rodgers’ champions to Easter Road tomorrow, said: “He is still a Rangers player, but I would assume he would be free at the end of the season.
“I was interested in him at the start of the season, but he decided to stay on and there was a slight chance again in January before his injury.”
The Irishman played alongside Miller at Parkhead in the 2006/07 season.
Cup Finalists Motherwell are also monitoring the player’s situation. With only five league games left to play in this campaign, it is almost certain Miller, who was an unused sub at Hampden, has kicked his last ball for the Ibrox outfit.
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