The 36-year-old signed for New York City FC, who enter the MLS next year, after ending his 13-year stay at Chelsea and has been linked with a host of clubs as he looks to maintain his fitness.
Spain striker David Villa also signed up for the new MLS franchise and has since joined A-League outfit Melbourne City on loan.
Like Melbourne City, New York City FC are partially owned by City Football Group, and Eithad Stadium executive Ferran Soriano has already indicated certain youth players could spend some of their development time at the Yankees Stadium.
Melbourne (5/2) and QPR (8/1) are considered possible destinations for Lampard but Manchester City were backed in to clear favourites on Friday.
Sky Bet Football Trader Jamie Munro said on Friday: "We've seen more stakes on Manchester City signing Lampard in the last 24 hours than on the entire market previously.
"It would certainly make sense given the link between the two sides, so we've reacted by cutting the odds significantly."