The Telegraph says Ferguson rejected the chance to sign Lampard last January after being sounded out about the possibility of taking the 34 year-old to Old Trafford.
But now the prospect of signing him on a free transfer at the end of this season has prompted the United manager to identify the England international as a potential target to bolster his midfield options.
Ferguson has always rated Lampard and failed in an attempt to hijack Chelsea’s £11 million deal with West Ham United in 2001.
The move was ruled out by Ferguson 12 months ago due to the costs involved of paying a fee to Chelsea and also matching Lampard’s £150,000-a-week wages.
It is understood that the prospect of playing for United would greatly appeal to Lampard.