It would be a break away from the normal practice at Goodison Park whereby players over a certain age are handed rolling one year deals at the club, Phil Neville and Sylvain Distan having been offered these types of contracts on a regular basis.
The reports claim that the England midfielder will be offered three years starting at £80,000-a-week and coming down as the contract progresses.
Lampard himself is hoping that he can persuade Chelsea to offer him new terms at Stamford Bridge and there are plenty of watching clubs who are willing to make him very big offers if he does move on.
AC Milan, Paris St Germain and Manchester United have all been linked and he is wanted by clubs in the MLS as well.
Hibernian head coach Neil Lennon claimed referee John Beaton failed to protect his players from 'disgraceful' challenges during a 1-1 draw with St Johnstone.
St Johnstone manager Tommy Wright has accused Neil McCann of deflection tactics as he denied reporting the Dundee boss to the Scottish Football Association.