Chelsea owner Roman Abramovich won't press the panic button over their recent slump.
Blues' powerbrokers are prepared to give Lampard, who is a legend at Chelsea following his outstanding contribution on the pitch, an opportunity to put the team back on track.
There is an acknowledgement of Lampard's work in leading Chelsea to an excellent start to the season that saw them go 17 games unbeaten, plus the fact that the team breezed through their Champions League group.
Lampard's impressive first season in charge, during which he led the club to a top-four finish and reached the FA Cup final despite a transfer ban, is also looked upon favourably.
While the club remain within touching distance of the Champions League - they are just three points of fourth-placed Tottenham having played a game more - there is a reluctance to make any decisions mid-season.