Chelsea icon made favourite to take charge of Barnsley and Derby County's League One rivals
The U’s have made a superb start to the League One season, climbing up to second place in the league.
They sit above a string of sides more heavily fancied than themselves, although were dealt a bitter blow earlier this week.
Liam Manning vacated his role as head coach to join Championship outfit Bristol City, despite having overseen the impressive start.
He sits above Paddy McCarthy (2/1), as well as Dean Holden and Chris Wilder (both 8/1).
Lampard’s last role in management was at Chelsea, where he led the Blues as interim boss.
It was second stint in charge of the club and he also had a stint as Everton manager.
However, it was in the EFL that Lampard started his journey as a manager. He led Derby County to the Championship play-off final in 2019 but could not get the Rams over the final hurdle.