The former England international has emerged as a potential suitor.
The 45-year-old was last in interim charge of the Stamford Bridge side last season after Graham Potter was sacked and now he has been tipped to take over from Michael Beale at Ibrox.
Kevin Muscat and AZ Alkmaar's Pascal Jansen are also linked with the role. A large amount of bets have caused the odds to be slashed on Lampard to as short as 2/1, according to Betfair and other sites.spokesperson Sam Eaton said:"There's been a huge influx of bets for Frank Lampard to take the Rangers job in the last hour.And while the 45-year-old refused to rule himself out of the race for the role, he also made clear his full focus is on Preston North End.
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