The 22-year-old left-back has been touted as a target for the north London club in the last few weeks as Unai Emery looks to strengthen his defence at The Emirates.
Arsenal are said to have had at least one bid for Tierney turned down by Celtic, with the Scottish club thought to be holding out for a fee of at least £25m this summer.
It remains to be seen whether Arsenal will be able to get a deal over the line for the Scot this summer, but the Celtic manager clearly is not too concerned about the reports linking him with a move away from the club.
Speaking in an interview quoted by Metro, Lennon said: “I spoke to Kieran in Austria and to be honest I haven’t really seen much of him because he came back early for rehab, so has not been on the training ground as yet.
“It can be an unsettling period for any player and that is understandable but until a club comes up with any sort of realistic valuation of the player we don’t have to do anything and we won’t.
“It’s as you were. Kieran is getting on with his rehabilitation and we are getting on with what we have to do here.”
Arsenal finished in fifth place in the Premier League table last season and they are believed to be on the lookout for a number of new signings this summer.
The north London side ended up losing the Europa League final to Chelsea FC last term as they missed out on their final chance to secure Champions League qualification.
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