Barnsley have made a bid of £75,000 for the Republic of Ireland Under-21 international, which has been accepted, and he is now discussing personal terms.
But as Wilkinson headed to League One, it has emerged that another youngster who had made the senior grade, Sanmi Odelusi, could also be looking for a way out of the club.
While reports of a move to local rivals Wigan Athletic have been played down by both clubs, Coventry City are believed to be interested in re-signing the winger on loan.
Lennon is keen to remove as much excess baggage from his squad as possible even if it means taking a financial hit, as will be the case with Wilkinson.
The Londoner joined from Millwall for £100,000 in the summer of 2013 and has spent time on loan with Torquay United and twice with Oldham.
Ex-Latics boss Lee Johnson, now at Oakwell, knows the youngster well and with Wanderers unable to give any guarantee of first team football to the 22-year-old, they have agreed to sell for a modest loss.
Two other players – Rob Hall and Tom Eaves – could also be sold on this summer for less than the club originally paid.
Meanwhile, Wilson Palacios could link up with Wanderers for a trial in just under a fortnight after MLS club Philadelphia Union passed on a chance to sign him yesterday.
The former Stoke City and Tottenham midfielder has been invited to join the Whites on tour in Austria from July 6 but, according to Union, was not ready to play as soon as they would hope.
“We’re not going to move forward with Wilson,” said Union head coach Curtin. “He’s a player we respected a great deal - a guy who played at the highest level. But in terms of fit right now and need, we’re not in the process.”
While Palacios is currently in the “maybe” pile, Wanderers will not be splashing out a seven-figure fee for Celtic winger James Forrest, as some reports claimed on Monday.
Lennon helped the 23-year-old through the ranks in his time at Parkhead and turned down an offer from Owen Coyle to take him to Bolton four years ago.