Lampard is being made the favorite by bookies, who expect Maurizio Sarri to eventually get the sack.
Meanwhile, the Blues were humbled 6-0 by Manchester City in the Premier League on Sunday.
It is the type of result that raises the pressure on Sarri in his first season at the club.
Lampard is 2/1 to take the job, with Zinedine Zidane at 7/1. Gianfranco Zole is 8/1, with Diego Simeone at 12/1.