The former Blues midfielder has indicated a wish to take the reins at Stamford Bridge, and is reportedly set to meet with owner Roman Abramovich this week.
Gerrard is understood to have been identified as a potential replacement for Lampard if he is appointed the 29th permanent manager of Chelsea.
The Times is reporting that the Light Blues boss, who played alongside Lampard in the England midfield, is committed to the Ibrox side, having signed a four-year deal last year.
The Gers are due to spend time in Portugal this weekend for a pre-season training camp and Gerrard has already brought in four players as he targets a title challenge next term.
The former Liverpool captain is believed to be keen on managing in the English Premier League in the future, but feels success at Rangers could allow him to swap the Scottish Premiership for the English top flight without having to go via the second tier in England.
Derby have also been linked with John Terry, as the Pride Park side look to continue the model that took them to the Championship play-off final under Lampard. But the former Chelsea captain has already knocked back approaches from Middlesbrough and West Brom this summer and may not want to leave his current role at Aston Villa after their promotion to the Premier League.
Rams owner Mel Morris is also looking to sell the club, which could complicate the club's search for a new manager.