Reports: Frank Lampard sealed as next Chelsea manager

According to the English tabloids, including the Daily Mail and The Mirror, Frank Lampard has sealed his contract to become the next manager of Chelsea.

Lampard was officially excused from Derby County preseason which began Monday, the club confirmed, and Derby even went so far as to affirm they are acting under the assumption that the 41-year-old will indeed move to Stamford Bridge.

According to the tabloid reports, Lampard's Chelsea contract will earn him a base salary in the $5-6 million per year range plus a host of incentives, including a $1.3 million bonus for Champions League qualification. The only question at this point is whether Lampard will convince Shay Given, an assistant with him at Derby, to join him at Chelsea. It's possible Given may stay at Derby as goalkeeping coach.

Derby will be owed $5 million in compensation for Lampard's signature as well, the Mirror reports.

Lampard's only coaching experience is his one year at Derby County, where he led the team to the playoff final, where the Rams fell to Aston Villa. The former Chelsea midfielder is the Blues' all-time leading scorer with 211 goals during his 11-year career with the club.

Darren Moore and Aitor Karanka are in the running to replace Lampard at Derby, the Daily Mail reports.

Follow @the_bonnfire