The midfielder is out of contract with Chelsea at the end of the season, with the Serie A side reportedly among a number of clubs around the world interested in his signature
The 34-year-old is out of contract at Stamford Bridge this summer, and reports have suggested the Serie A club are heavily interested in signing the midfielder.
When questioned on his club's link with Lampard, Lotito replied: "We are ever ready on the market, on all of those players that can enhance the value of our squad.
"I don't say nothing, but in general, what we try to get we reach. We believe we have a squad that can compete with everyone, but if we'll have the opportunity to increase the value of the roster, the club will not say no.
"Anyway the team already has a balanced structure and a good number of substitutes, so there is no lack of players."
Lampard is now joint second with Kerry Dixon in Chelsea's all-time scoring chart with 193 goals following his strike during Saturday's 5-1 victory over Southampton in the FA Cup third round.
Chelsea boss Rafa Benitez has urged the midfielder to break the club's record but admits he is in the dark over any potential contract negotiations.
“I would love to see Frank score 10 more goals this season to break the record," the Spaniard told reporters.
“But I do not know about contract talks, but I know there are sometimes conversations between players and their agents.
“My job is to keep Frank playing well; he is a very good professional.”