United manager Sir Alex Ferguson is said to be contemplating a move for the 34-year-old midfielder, whose contract at Stamford Bridge expires at the end of the season.
With Blues owner Roman Abramovich looking to lower the average age of the Chelsea squad, no new deal is in the offing and the England star is set to leave the club on a free transfer in the summer.
Although Lampard has been widely linked with a move to the MLS, Ferguson has reportedly asked to be kept informed of the midfielder’s plans.
As such, United lead the way in the race to sign the 2012 Champions League winner at 7/4 (2.75).
Los Angeles is the most likely alternative destination for Lampard, with LA Galaxy second-favourites to complete his capture at 6/1 (7.0).
The reigning MLS Cup winners are in the market for a high-profile signing following the departure of David Beckham.
Premier League strugglers QPR, managed by Lampard’s uncle Harry Redknapp, are third favourites to secure his signature at 7/1 (8.0), and you can get odds of 10/1 (11.0) on him linking up with Thierry Henry at New York Red Bulls.
The England international moved alongside Kerry Dixon as the Chelsea’s joint second-highest scorer of all time on 193 goals on Saturday after notching a penalty in the 5-1 FA Cup win at Southampton.