The former Blues midfielder is the strong favourite to take over in the hotseat after Maurizio Sarri returned to Italy last week to join Juventus .
Lampard is currently in charge of Derby County, who he took the to Sky Bet Championship play-off final last term where they lost to Aston Villa.
The 41-year-old is set to leave the Rams this summer, however, and talkSPORT report that a deal taking Lampard back to London is imminent.
The ex-Chelsea man will be joined at Stamford Bridge by several members of his Derby coaching staff, including assistant manager Jody Morris who is also a former Blues midfielder.
Prior to joining Lampard at Pride Park last summer, the 40-year-old previously spent time coaching in Chelsea’s academy.
Along with Lampard, Morris will be hoping to help give more Blues youngsters a chance in the first team next season with the English giants’ transfer ban looming.
The managerial duo worked with some of Chelsea’s best young talents at Derby last term, with Fikayo Tomori and Mason Mount having been loaned to the Rams.
The work from Lampard and Morris in getting the best out of the duo is believed to have strengthened the Premier League heavyweight’s belief that they should form their next management team.
The Europa League champions are expected to pay the Championship club £4m in compensation for Lampard, who will pen a three-year deal with Chelsea.
The Blues hierachy are said to want the Blues to play an attacking-style of football next season which Lampard will have to implement.
Under Sarri last term, the Stamford Bridge club utilised a more possession-based tactic which failed to please their fans who were frustrated with such a cautious approach.