Lampard saw Galaxy in action this week as the rumour mill went into a frenzy over an imminent deal.
It has been reported that Chelsea may be tempted to allow him to leave on a free transfer as he is one of their top earners on £160,000 a week and will also be owed a loyalty bonus of £1.75million should he see out his contract.
However, the 34-year-old, who missed playing in Euro 2012 due to a thigh injury, will report back for pre-season training at Chelsea and manager Roberto di Matteo believes he will stay at Stamford Bridge.
He said: "I'm expecting him [Lampard] to return healthy and fit. I spoke to him, he is feeling very good and looking forward to next season."