This has come as a huge shock for the Stamford Bridge outfit since they had made plans for a major overhaul at the end of the current season.
Although Sarri is staring down the barrel of a gun this summer, the Italian is still highly thought of in Serie A and is attracting interest from a number of clubs ahead of the new season.
Though he is understood to be open to a move back to Italy, where he is also wanted by Roma, after what has been a hard first season in England despite how it could all end.
Both Mateo Kovacic and Gonzalo Higuain are on loan deals and despite their not so great form during the 2018-19 season, the manager is keen on keeping them in London.
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His reputation remains strong in Italy where he transformed Napoli into one of Europe's most attractive sides, which has earned him support among some members of the Juventus hierarchy.
According to reports, Chelsea's big bosses are preparing to terminate the Italian coach's contract regardless of whether or not he wins the Europa League.
The Blues will not make any decision over the future of Sarri, who was twice close to being sacked this season, until after the Europa League final against Arsenal next week.
Lampard, 40, spent 13 years with the Blues as a player, becoming their all-time leading goalscorer (211) while winning three Premier League titles, four FA Cups, two League Cups and the Champions League.