Frank Lampard has rejected an offer from Chelsea to become the club's highest paid player in their history.

The News of the World says the offer would have seen him overtake superstar striker Andriy Shevchenko and Germany captain Michael Ballack's £121,000-a-week deals to become top earner at Stamford Bridge.

But Chelsea were stunned when Lampard rejected the offer to leave their year-long contract negotiations in chaos just 41 days before the new season kicks off.

Former Chelsea boss Claudio Ranieri, now in charge of Juventus, is keen on Lampard, along with Real Madrid and Barcelona.