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The Derby County boss has been given permission to speak to the Blues about their vacant managerial post, following Maurizio Sarri’s exit to Juventus.
His arrival, if it happens, will no doubt be met with a raucous fanfare from fans.
However, Lampard would return to the club during one of their most difficult periods in the Roman Abramovich era, with a two-window transfer ban meaning he may have to work with what he already has at Stamford Bridge.
The former midfielder’s work with a number of talented young players at Derby, including Chelsea aces Mason Mount and Fikayo Tomori, has given supporters hope he can begin to finally give the club’s top academy stars some game time in the first team.
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But McCoist has warned the boss he will not be immune from criticism for long if he doesn’t get off to a good start in west London.
“I guarantee you the majority of Chelsea supporters are saying: ‘Let’s take a look at this, we’ve got a transfer ban and Frank can get a few youngsters in the team’.