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But only as long as the time was right.
The Blues legend is currently enjoying final stages of his career playing for American side New York City in the MLS.
Lampard has made it clear that he wants to venture into management once his playing days are over.
The former Stamford Bridge superstar still has close connections with Chelsea and is still the club’s all-time leading goal-scorer.
Frank has admitted that he would love to take over the helm at Chelsea should the opportunity arise in the future, saying that it would be a “dream”.
Speaking with Soccer AM on Sky Sports, Lampard said:
“If I was good enough, if they [Chelsea] wanted me and it was the right time.
“As a Chelsea man or not, the job is one of the pinnacles of football, they are one of the top clubs in the world now. And I’m a Chelsea man. I wouldn’t have to move house!
“It might be a different route for me and might take a while but the dream would be to manage Chelsea one day.
“There was a period earlier in my career where I really fancied it, then I thought I don’t fancy the managerial thing.
“Now, I’m back onto it. The problem is I’ve got to get my badges and the hard thing for me is to have time to do it.
“As soon as I finish playing I’d like to take it up and maybe be a manager.
“It’s hard though because I only want the Chelsea job.”
Lampard has netted 12 goals in 17 appearances for New York City so far this campaign.