The 36-year-old is expected to captain England in its final match of the tournament against Costa Rica on Tuesday, with Steven Gerrard set for a place on the bench as Roy Hodgson looks to give those in his squad who haven't appeared a chance to impress.
But, like Gerrard, the veteran midfielder is looking to take time to evaluate his future as he also weighs his next move in club soccer having been released by Chelsea.
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"I don't know whether I will [retire] or not," he told BBC. "I am going to get home and make a decision at that point because I have my own [club] future to sort out as well. This is not the time and place to make the decision. Sometimes when you are away for a month you don't always come up with the right judgement."
If selected, Lampard will make his 106th international appearance at Belo Horizonte, while Leighton Baines (hamstring) and Alex Oxlade-Chamberlain (knee ligaments) the only injury absentees.