The 36 year-old stopper currently has a deal to June, with a 12 month option.
Lampard said today: "I've seen the reports and yes, there's an option in Thiago's contract that we can look at as the season goes on.
"He has an option to extend his deal and with the way he's playing, I'm very happy with him and it's something we will look at it. I was surprised, however, with the way the reports came out.
"But yes, he does have an option to extend his contract."