Chelsea need to show ambition to keep Lampard

Lampard is aware that other global stars such as John Terry, Michael Ballack and Andriy Shevchenko earn more than him and will be anxious for parity.

Chelsea have set new standards for footballers' wages in the Premier League with their highest-paid players taking home in excess of a £130,000 a week.

Given his popularity and high standard of performances in seven years at Chelsea, Lampard is negotiating from a position of strength and can expect the club to break the bank to keep him.

If not, Inter Milan, who are expected to confirm Jose Mourinho within the next 48 hours as their new manager, are poised to swoop for the 29-year-old, whose existing deal expires in two years.

Lampard played 56 minutes of England's friendly against the United States last night which signalled the end of his season since he, along with most of the players from Chelsea and Manchester United, were allowed to stay behind by Fabio Capello, as the rest of the England squad flew out today bound for the Caribbean.

"I want to wait until after the England matches before talking again to the club," said Lampard recently. "But I've always said I want to stay at the club."

The player is keen to win more trophies with Chelsea, particularly following the disappointment of losing out to United in the Champions League Final. Having recently lost his mother, he would also prefer to stay in England, to be nearer his family.

But he will also want to hear the club's immediate plans for the future before signing up to any new deal, as the managerial vacancy left by Avram Grant's sacking is yet to be filled.

Former Inter coach Roberto Mancini is among the favourites though his agent insists there has yet to be any contact with the Chelsea hierarchy.

"As of now there is no contact with Chelsea or any other team," said Mancini's advisor, Maurizio de Giorgis.

Mancini has made no secret of his desire to coach a side capable of challenging for the Champions League crown and would happily move to England. Chelsea's ongoing search for a replacement for Grant is reported to be concentrating on Mancini, Mark Hughes and Luiz Felipe Scolari with former Barcelona boss Frank Rijkaard and Russia coach Guus Hiddink among the other contenders.

Former Chelsea player Didier Deschamps has claimed he is on the shortlist but the club have made no official comment.

The interest in Hughes, an ex-Blues player, was greeted with approval by fans on Chelsea TV but Mancini has a stronger CV.

Mourinho is expected to be given a three-year deal at the San Siro and is likely to sanction moves for Lampard, along with two of his other former Chelsea favourites, Didier Drogba and Ricardo Carvalho.