The 42-year-old is said to have felt his job is under serious threat in the last few weeks, as Leicester City's 2-0 win made it five defeats in seven in the league.
The club are nevertheless conscious of his status as an icon, and want to give him a fair chance, as part of a general long-term view.
While there is an awareness that they will have to act if these results continue, Chelsea would rather replace Lampard when there is a preferred candidate ready to take the job. They do not want the short-term issues that come with an interim boss.
There is still hope that Lampard can improve the team and bring a resurgence - some sources would point to the resurgences of Ole Gunnar Solskjaer and Mikel Arteta after it seemed both managers were doomed - but Chelsea naturally have an idea about potential successors.
Germany has proven the source of most recent innovations in football, and the Leipzig manager has marked himself apart even there.
Thomas Tuchel would be a secondary option, although Max Allegri is not currently considered a potential candidate.
For now, though, Lampard is safe and will be given the opportunity to turn the team around.