Goal UK reports the 36-year-old will earn 90,000 pounds a week with the expansion MLS franchise, where he will join former Barcelona and Atletico Madrid star David Villa.
NYCFC will announce a "major player signing" during a press conference on Thursday at 10:30 a.m. ET.
Like Villa, who retired from international football with Spain following the World Cup in Brazil, Lampard could join up with Melbourne City prior to his move to New York in an attempt to maintain his fitness ahead of the 2015 MLS campaign.
Goal UK understands that Lampard agreed terms with New York City FC last month and visited Manchester City's Carrington training base on the same weekend as Villa - with the Premier League champions linked with the MLS club and Melbourne City under the City Football Group umbrella.
New York City FC was also hopeful of landing Barcelona midfielder Xavi although Goal understands the 34-year-old is set to remain at Camp Nou for another season after last-ditch talks with Luis Enrique and president Josep Maria Bartomeu.
Lampard, meanwhile, could follow in Steven Gerrard's footsteps in announcing his retirement from England duty in the coming days.
The midfielder has earned 106 caps for his country but suggested recently that he is considering his international future, with Liverpool skipper Gerrard having announced his decision to end his Three Lions career on Monday.