The Champions League holders will not offer the 34-year-old a new contract with his current deal set to expire in the summer, and Goal.com exclusively revealed on Friday that terms had already been agreed between both parties.
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Galaxy's coach has been reluctant to comment on any potential deal, but hinted that a new signing could be announced shortly as the departure of David Beckham has left a free space in Galaxy's squad for a 'designated player'.
"We wouldn't rule a move for Lampard out. It's always a possibility," he told reporters.
"I wouldn't be surprised if over the next week or so we're going to have some sort of decision with a designated player."Lampard recently became the second highest goalscorer in Chelsea's history with a penalty against Stoke in the Premier League taking him to a total of 194.
The 34-year-old, also linked with Manchester United and Juventus, has 12 goals in 24 games in all competitions for the Blues this season.
Chelsea failed to defend their Champions League crown this season after going out in the group stages of the competition, and currently trail Premier League leaders Manchester United by 13 points.