The 25-year-old has been linked with a host of teams of late, with many reports having claimed that he will join a Premier League side during the summer.
However, despite admitting that the striker could leave, Lawwell has stated that his departure is not a forgone conclusion.
"Gary has a year and you never know. A lot has to do with the player and what he wants to do but there are three parties," Lawwell told Sky Sports News.
"There's us, the player and then there is also what is there for the player. If there is a possibility the kid wants to stay and that is Neil's gut feeling, who knows?
"We know where we are, I'm sure the player knows where he is, but what we don't have is the third leg to all of that."
Hooper joined the Scottish champions in 2010 from Scunthorpe United.