The Daily Mail reports that Sir Alex Ferguson is considering making a swoop for Lampard, with the player himself likely to consider an offer.
The report says Lampard does not have a good relationship with Blues boss Andre Villas-Boas, and is seeking an exit from Stamford Bridge to another Premier League club, although preferably in the summer.
Playmaker Lampard only has 18 months left on his contract with no contract extension seemingly forthcoming, especially after he was sensationally shunned by Villas-Boas despite scoring the winner in the recent 2-1 win over Wolverhampton Wanderers.
And with his potential availability, and Sir Alex's long-term admiration for the player which might now unthinkably turn into a bid, the 33-year-old has become a must-sign man for the Red Devils.
It's no secret United are lacking in midfield creativity, not helped by Tom Cleverley's continued absence through injury.
But even when Cleverley returns, the team don't have a plethora of playmaker options.
Not only that, but even with Cleverley in the side, United are lacking goals from central midfield, which is a problem.
Plus, as is abundantly clear from the fact they've entered 2012 on the back of two consecutive defeats in games they should be winning—against Blackburn Rovers and Newcastle United—the team are also lacking in momentum.
If he joined, Frank Lampard would be virtually guaranteed to address all these problem areas for United.
As it stands, Lampard has created more goalscoring chances for teammates, i.e. key passes, than any United player barring Nani.
He's also made four assists in the Premier League this season, which is better than United's central midfielders apart from Ryan Giggs, who this term has played centrally and chipped in with five assists.
So it's clear he would address the lack of creativity in the team, and would do so in a very clinical manner—in the same way that meant he was a key factor in Jose Mourinho having so much success at Chelsea.
Lampard also still has his passing boots, and would fit United's midfield tactics perfectly, given that he has the passing accuracy totals to match any top midfielder in the league right now.
And of course, with eight goals to his name this season, following on from 10 last season and a whopping 22 the season before, it's clear that Frank Lampard would give United the one thing they are desperately lacking in midfield: goals.
Besides creativity and goals, what makes Lampard perhaps the ideal short-term solution for the Red Devils is the momentum the team would have from his signing.
The club aren't doing too well on the pitch at the moment, slipping away from Manchester City in the league and out of the Champions League.
Wayne Rooney threatened to quit if United weren't serious about their ambitions and backing up their talk by bringing in or developing the best players.
A lot of the players no doubt felt the same, and those feelings could well be coming back, especially the fans clamouring for the club to sign a playmaker.
So what better way to put that all to rest than to sign one of the most talented and respected midfielders in Premier League history?
If Lampard signed for Manchester United, the players would most likely feel happy that the club is addressing concerns and is serious about winning, and would probably be rather excited to play alongside a man who they know, this season included, has the ability to create goals, score them and win matches.
In essence, if United could somehow tempt Chelsea to sell Lampard (not unlikely, given his evidently frosty relations with AVB) and match his £140,000-a-week wages, the Blues and England legend could be the perfect acquisition.
He'd score goals, he'd create them and he'd give the entire team the boost they need.
If he's available, Frank Lampard is simply a must-sign player.