To coincide with any new arrivals, Lampard must also make choices with regards to players who he does not see in his future plans.
Here, Sports Mole rounds up the latest news on possible comings and goings in West London.
For a number of weeks, it has been suggested that Chelsea are unopposed in their effort to sign Bayer Leverkusen playmaker Kai Havertz.
However, until Chelsea are able to agree a fee with the Bundesliga outfit, they leave themselves under threat of being beaten in the race for the 21-year-old's signature.
According to the Manchester Evening News, such a scenario could come to fruition if Manchester United end their interest in Borussia Dortmund winger Jadon Sancho.
With Havertz valued at £18m less than the England international, it is claimed that United may turn their attentions to the German star in the coming weeks.
Holding a contract at Real Madrid until 2025, there appears little chance of Vinicius Junior being allowed to leave the Bernabeu.
However, with the 20-year-old having made just 14 starts during the most recent campaign, speculation continues regarding his future.
According to AS, Chelsea have previously expressed an interest in negotiating a deal for the prospect.
The last contact was allegedly made in November, potentially a sign that the Blues have since moved on from the Brazilian.
Despite West Ham United's alleged valuation of Declan Rice, rumours of a switch to Chelsea refuse to go away.
Lampard is said to view the England international, who can play at centre-back and in central midfield, as the perfect addition to his squad.
However, according to Sky Sports News, the Hammers currently have no intention of selling their most prized asset ahead of next season.
The report adds that the East Londoners have also not received an offer of £50m, a figure significantly below their £80m valuation.
More transfer news from Chelsea:
AC Milan to rival Chelsea for Brentford's Said Benrahma?
AC Milan will reportedly look to rival Chelsea for the signature of highly-rated Brentford winger Said Benrahma this summer. Read more.
Championship clubs keen on Chelsea goalkeeper Nathan Baxter?
Derby County and Birmingham City are reportedly interested in securing a loan deal for Chelsea goalkeeper Nathan Baxter. Read more.
Napoli to rival Chelsea for Real Madrid defender Sergio Reguilon?
Napoli are allegedly considering whether to launch a bid for Real Madrid defender Sergio Reguilon, who has also been linked with Chelsea. Read more.
Chelsea midfielder Tiemoue Bakayoko sees asking price 'slashed to £20m'
Chelsea are reportedly prepared to reduce Tiemoue Bakayoko's asking price to £20m in order to force through a sale this summer. Read more.
Leeds beat top clubs in race to sign 16-year-old Charlie Allen
The teenager has been signed up by the Whites as a scholar. Read more.