Izaguirre was carried off on a stretcher after going down in agony following a sliding challenge from Peter Pawlett.
Lennon revealed tests had shown up a fracture, with the club soon confirming the Honduran left-back had broken his fibula.
Further tests will reveal whether Izaguirre requires surgery on his right leg.
The injury happened when the 25-year-old fell awkwardly following the challenge early in the game, which Celtic won 1-0 courtesy of a 74th-minute goal from Anthony Stokes.
Lennon said: "It's a huge blow for us to lose him and we don't know how long he is going to be out for.
"He is being assessed at the minute and we'll know whether he requires surgery and, if he does, he will be out for three months anyway."
Lennon held his head in his hands when he was told the initial diagnosis that Izaguirre had suffered a suspected fracture.
"You can always tell by a player's reaction and Emilio is not a player to feign injury," Lennon said.
"So the concern was immediate and he was taken into the dressing room and looked at and the word came out it was a fracture."
Lennon was already missing defenders Thomas Rogne, Glenn Loovens and Mark Wilson through injury, although the latter is due back from a groin injury for next week's SPL clash with Dundee United.
Celtic ended up with Adam Matthews and Charlie Mulgrew in the full-back positions and Lennon may look to bring in reinforcements.
"We might have to look for another left-back," Lennon said.
Celtic are currently in the transfer market for a goalkeeper with a deal for Poland international Grzegorz Sandomierski coming to fruition.
Celtic have been in negotiations with the 21-year-old's club, Jagiellonia Bialystok.
"I'm not sure if it's a done deal, I haven't spoken to Peter today, but we might be further down the line with that one," Lennon said. "He's a goalkeeper we do like and we feel he has huge potential."
Source: Team Talk
Source: Team Talk