While several candidates have been linked to the Blues hotseat, including Laurent Blanc, Allegri and Jose Mourinho, Derby County manager Frank Lampard is regarded as the favourite to sign for the London club.
However, there are several doubts on whether he is the right fit for the club, from fans and pundits alike, and here are three reasons why.
Chelsea are a massive club, with tremendous expectations, a spoiled fan base and a hot-tempered board. While Frank Lampard would know all about it, having spent 12 seasons at the club as a player, and having left as their highest goal scorer of all time, the job of a manager is a whole different level of stress and pressure.
Having only spent one season in charge of Championship club Derby County and almost taking them to the Premier League, Lampard has proven that he has the guile to become a top manager, but now is not the time or the place to promote himself to such a risky job.
2. The Massive Rebuilding Job
The Blues are going through some major problems right now. First, they lost their talisman Eden Hazard to Real Madrid and now they have not been given a chance to rebuild, as a two window transfer ban has been upheld by the CAS.
While the former West Ham midfielder has willfully combined the experience of the Derby County squad with the exuberance and youth of the loanees he brought from the Premier League to make a well-oiled machine, it will not be easy to replace someone as influential as Eden Hazard with the players present in the Chelsea squad.
1. Potentially Losing Face With the Fans
If it clicks, like it did with Pep Guardiola at Barcelona or Zinedine Zidane at Real Madrid, Frank Lampard's legacy with Chelsea and their fans would grow to an unprecedented high, but what if it doesn't?
Chelsea fans are known to be impatient, as they have shown with the way they treated Maurizio Sarri last season, and the English great could be treated the same way if results are not favourable.
This isn't the time for Lampard to take a risk with his growing managerial resume, and it would be perfect if he gains more experience and really show the fans that he will not be a coin's toss in the future.