But whether Chelsea decide to give him a new contract or not, one thing is clear: The fans want him to stay.
That is because, regardless of his age, high wages or even a missed penalty, Frank Lampard is still the No. 1 fan favorite at Stamford Bridge.
And here are five reasons why.
Whether you like it or not, the fact that Lampard is English matters to fan opinion. Of course, other fan favorites like Gianfranco Zola and Didier Drogba have proven that it is not all that matters, but it certainly helps.
Fans are more likely to warm to a player who they see as "one of their own," for whom they can always cheer, whether it is in a blue shirt or white.
Not only this, but he is fast on his way to 100 caps, and he has played in four international competitions for England, scoring 27 goals and twice earning the England Player of the Year award.
He may have started his career at West Ham, but there is no player who is more blue than Frank Lampard.
He has now played for Chelsea 588 times in a career for the Blues that has spanned more than a decade. He has won the Chelsea Player of the Year award three times.
With a lot of young players replacing many of those who have been at the Bridge for so long, Lampard, Petr Cech, John Terry and Paulo Ferreira are the only players left from the first team squad that won the Premier League in 2004/05—the club's first in the modern era.
As a result, Lampard, Cech and Terry have become the backbone of this Chelsea setup. And with the injuries to Terry and Cech this season, it has become even more apparent that the Blues need Lampard.
Since a bad drunken experience back in 2001, Lampard has turned his image around and is often held up as the perfect example of what footballers should be like.
Eloquent, intelligent and affable with the press, Lampard is the poster boy Chelsea need, especially when captain John Terry has done what he can to become the exact opposite.
Any player that is going to be a fan favorite had better deliver silverware.
It is good for Frank Lampard, then, that he has won every domestic competition with Chelsea and added the Champions League last year to make it a sweep of the major trophies.
Not only this, but he has won several individual awards, and in 2005 he was the runner-up to Ronaldinho for both the FIFA World Player of the Year and Ballon d'Or awards.
As if all of the four previous reasons weren't enough, Frank Lampard has been one of Chelsea's best players consistently for the past decade.
He has skill and stamina in midfield, despite his age, and is still able to contribute goals at an astounding rate for the Blues.
Taking over Bobby Tambling's scoring record seems like nothing more than a formality at this point, as Lampard only has to score four more goals to beat Tambling's total of 202.
Lampard is a player of pure class and will always be a fan favorite, whatever the future holds.