The Blues have taken up the option of extending the goalkeeper's deal for a second year.
Begovic joined the Blues on a free transfer last summer from Bournemouth.
His one-year deal included the option for a second and, as the club heads into the final week of the season, Lampard confirmed they had agreed to retain the 34-year-old until 2023.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!