The former England midfielder guided the Blues to a top-four finish, securing a spot in next season’s Champions League.
Since his arrival last summer following an inaugural season in management at the helms of Derby County, who he took to the Championship play-off final, he has also earned praise for bleeding a number of young players into the side.
Mason Mount and Tammy Abraham are the two stand-out names to benefit from his guidance, with both becoming key assets for the Blues.
Lampard’s performances have earned him a nomination as Manager of the Season, alongside Liverpool’s Jurgen Klopp, Leicester City’s Brendan Rodgers and Sheffield United’s Chris Wilder.
Klopp guided Liverpool to a league title for the first time in three decades, and this announcement will add further fuel to the rivalry between him and Lampard which started last month.
After Lampard accused Liverpool of breaking a code of respect on the touchline during his side’s 5-3 defeat at Anfield, the German hit back.
“You cannot hit me with something like that – or my bench with something like that – because we are not arrogant,” Klopp said. “Frank was in a really competitive mood and I respect that a lot.
“You can pretty much, from my point of view, say what you want in a situation like that. For me, it’s after the game. It’s completely over. I have said a lot in the past because it is pure emotion.
“He came here to win the game or get a point to make sure of Champions League qualification. I respect that a lot.
“But what he has to learn is to finish it with the final whistle and he didn’t do that. Speaking after it like this is not OK. Frank has to learn. He has a lot of time to learn, he is a young coach. But he has to learn.
“During a game words are used – no problem at all. But at the final whistle, all the things he said … we are not arrogant.”
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Meanwhile, Rodgers narrowly missed on securing a top-four finish with the Foxes.
Finally, Wilder led Sheffield United into a top-half finish in their first season back in the Premier League and almost secured European football for the Blades.