From his point of view, Lamps believes he deserves a five-year deal on around £140,000-per-week, which would see him end his illustrious career at Stamford Bridge, says The Sun.
Chelsea, however, are adamant that four years is the maximum they will offer a player who has only just turned 30.
However, Blues skipper John Terry signed a five-year £130k-per-week contract last summer.
But in the words of one Chelsea director: "JT is 27 and will be virtually the same age as Frank when his current deal expires. We are being realistic."
Both players are older than Lampard and have not achieved anywhere near as much for Chelsea as the England man.