Reports suggest that Chelsea have ‘verbally agreed’ terms with the former Celtic striker, who it is thought will cost around £40million.
With Olivier Giroud said to have ‘agreed terms’ with Inter Milan, Chelsea would be left short in that department should a signing not be made in January.
And Lampard admitted he and the club “know” about Dembele, but suggested there are other players being discussed more than the Lyon striker.
He said: “Dembele is a player I know, and the club knows. But it is a surprise for his name to pop up so much when it’s not as much in my conversations.
“I don’t want to cut and dry on anyone, but it is not one we are talking about.”