The 34-year-old, who has been at Stamford Bridge for over a decade, had hoped to finish his career at the club where he has won three Premier League titles, four FA Cups and last season’s Champions League.
But after his 27-minute cameo in the Club World Cup against Monterrey, the former West Ham midfielder admitted he could move on.
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"The ball is in Chelsea’s court. At the minute nothing has been said. Nothing has been planned. Talks about ‘a one-year extension’ or ‘two-year extension’ don’t exist. Maybe things don’t last forever.
"Although I want it to last forever you have to be big enough to know what it is. I want to be involved. That’s my character."
With nearly 200 Chelsea goals to his name, Lampard is proud of his time at Stamford Bridge and feels that he has plenty more to offer after his part in last season’s European triumph.
"Whatever happens, I’ve had a great time at Chelsea," he added.
"I feel like I’ve had a good year particularly from where we were in February to playing what I like to think was a big part in winning the Champions League and FA Cup.
"Not just myself. Obviously Didier Drogba played the biggest part. We were the players who were out a little bit under Andre Villas-Boas and came back in and made a difference. I am determined to play a few more years."