With Celtic trailing 2-1 at Hibernian and looking set to drop three crucial Scottish Premiership points, Laxalt popped up in stoppage time to secure a share of the spoils for the visitors.
Laxalt scored his first goal for the Bhoys, but Celtic now trail Rangers by eight points, though the Gers can go eleven points clear on Sunday if they can beat Aberdeen.
The situation would have been potentially worse for Celtic if they had not grabbed a point at Easter Road and former top flight midfielder Rae thinks Laxalt could have saved Lennon’s job.
“I think the Laxalt goal potentially saved his job”, Rae explained on Radio Clyde’s Superscoreboard.
“If they had lost that and the manner of the way they performed, and that is one of the things you have to factor in, it’s not been great.
“The fact they are eight points behind, if they win their game in hand it’s five points.
“Over the next couple of weeks if that lead is increased by Rangers then he’s in serious trouble”, he added.
Celtic have taken fewer points over the last six Scottish Premiership games than both Rangers and Aberdeen, picking up only eleven points.
With the pressure growing on Lennon, the Celtic boss will be hoping that he can quickly turn the ship around, starting in the Europa League against Sparta Prague on Thursday.