Tuttosport says a deal has all but been agreed, with just £700,000-a-year separating the two parties. Juve are willing to offer £4m per season, but Lampard is demanding £4.7m to make the move.
The difference is minimal, but could have repercussions, as World Cup winning goalkeeper Gianluigi Buffon is also on £4m a year and a delicate balance exists in the locker room.
There is also another proviso on the summer transfer, as any agreement would be null and void if Juventus failed to qualify for the Champions League.