While Lampard has not officially completed his move to the Blues, Sky Sports expects that it will be done next week.
In that event, Derby want another young manager to take on the role.
They believe the former PSV Eindhoven and Fenerbahçe coach can help them get into the Premier League next season.
Owner Mel Morris will attempt to convince Cocu to take up the job.
The Dutch legend is a little apprehensive, as he is not sure about the quality of the squad.
Cocu believes most of the club's best players were loanees, which means they would be very hard to replace in the current transfer window.