Lampard was widely expected to be appointed as Maurizio Sarri's successor after his current club Derby allowed him to speak with Chelsea officials last week, but the confirmation of his appointment has not been forthcoming.
The only question at this point is whether Lampard will convince Shay Given, an assistant with him at Derby, to join him at Chelsea. "Frank has got all the tools and I think he will make a lot of people happy if he was the next manager".
"Frank and I discussed this eventuality".
"You could say they've had plenty of time", he said.
On Monday, Derby gave Lampard an initial two days of authorised leave to complete the move.
The former Chelsea midfielder is the Blues' all-time leading scorer with 211 goals during his 11-year career with the club.
Lampard led Derby to the Championship play-off final in his first season as a manager.
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To that end, it's also understood Lampard will instruct his academy coaches to schedule their training times before or after the first-team session so he can watch.
The former midfielder was excused the first day of pre-season training with Derby on Monday in order to wrap up negotiations.
"On the assumption that Frank will reach an agreement with Chelsea to become their new manager, the club shall step up its efforts to find a replacement manager".
With Chelsea under a transfer ban, reports have suggested Lampard will utilise the younger players in the Blues squad.
"He already possesses extensive experience at club and worldwide level and we are sure he will be a big success with Chelsea over the next five years".