Lampard, 46, has impressed since taking over at Coventry, guiding them from a relegation battle to fifth place in the Championship table.
The former midfielder spent a memorable 13 years at Chelsea as a player before taking over as manager in 2019.
His tenure lasted 18-months before he was sacked, briefly taking over again in in 2023 following the dismissal of Graham Potter.
Fellow ex-Chelsea midfielder Andy Townsend believes Lampard’s spell at Coventry could see him take over at Stamford Bridge for a third time.
Speaking about the prospect to OLBG, Townsend said: “Should he go back to Chelsea? There would always be a massive temptation for him considering his relationship with the club. I mean, you never say never and it could happen.
“But if I was him, I wouldn't be thinking about that and I'm sure he's not. If that happens, he'll cross that bridge when he comes to it.
“But I think here and now, clearly Frank wants to be a successful manager and I get the feeling now that he's learned a lot from previous escapades.
“I think what he's putting in place at Coventry at the moment, that message is getting across. That is working. Players are buying into it.
“He's enjoying it, his team look like they're playing well, good luck to him and they might well be playing Premier League football next time round.”