Lampard is expected to take over as manager of Chelsea's Premier League opponents.
This follows the confirmation of Steve Bruce's firing on Wednesday.
Bruce leaves St James' Park following two seasons in which he led the Magpies to Premier League 13th and 12th place finishes.
However, following the Saudi-backed consortium's takeover of Newcastle United last week, they have opted to change the manager.
With three points from eight games, the team is now in the relegation zone.
Lampard, a former Chelsea manager, is on the shortlist, along with Paulo Fonseca. Both males are unemployed and eager to take over right away.
However, first-team coach Graeme Jones will take leadership of the team on an interim basis this weekend against Crystal Palace.
Former Borussia Dortmund coach Lucien Favre and former Bournemouth manager Eddie Howe are also in the running, while Steven Gerrard of Rangers and Belgium coach Roberto Martinez are more audacious goals.
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