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According to reports, Palace have been in contact with Lampard and his agent to take charge at Selhurst Park, with talks "progressing" between them.
But now the England hero looks all but set to join Palace after a flurry of activity in the betting market.
Crystal Palace announced on Tuesday morning that veteran boss Roy Hodgson will be stepping down at the end of the season.
After nearly four years of managing his boyhood club, Roy Hodgson will be stepping down as our manager at the end of this season.
Thank you for everything, Roy :heart::blue_heart:
- Crystal Palace F.C. (@CPFC) May 18, 2021
Fans have taken to Twitter to share their thoughts on the rumoured appointment, too.
Callum Hudson-Odoi and Tammy Abraham to Crystal Palace next season under Frank Lampard.
Absolute Scenes. :fire:
- ً (@CFCSrk_) May 12, 2021
Frank Lampard Back In The Premier League At Crystal Palace Love To See It :blue_heart::blue_heart:
- Respect Tuchels :blue_heart::blue_heart: (@CFCDANIELMTG) May 12, 2021
Lampard hasn't been shy about discussing a return either and recently admitted to receiving several 'flattering offers'.
In a recent interview, he said: "I've had some opportunities that have come up in the last six weeks, two months, that have been flattering but not the right thing.
"The opportunities weren't quite right but I think about it. It would be something I'm keen to do, at the right time, at the right place."
The Telegraph claim Palace will hand Lampard a £50million budget this summer after he looked for assurances he would be backed to improve a squad that will require a dramatic overhaul in the transfer window.
Gilmour was promoted to the Chelsea first-team squad under Lampard, but has found opportunities under Thomas Tuchel hard to come by for the most part and a loan move could suit all parties next season.
Abraham was a regular starter and goalscorer under Lampard, but he's barely featured under the German boss, with reports suggesting Chelsea will listen to offers for the academy graduate.
Odds are correct at the time of publication and are, as always, subject to change.
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