The English press are reporting that the decision has already been made, with Lampard feeling he is ready to return to Stamford Bridge and take over from Maurizio Sarri, who has joined Juventus on a three-year deal.
Shortly after announcing the departure of the Italian, the Chelsea board and Lampard reached an agreement, with owner Roman Abramovich reportedly offering assurances that the current Derby County manager, who is Chelsea's first choice for the role, will be given at least two years to impress at the club.
The club's all-time top goalscorer has reportedly ask for Didier Drogba to join him as his assistant, and believes he can build a competitive side in the medium-term.