Palace have a crucial post to fill at the top of the first team with Roy Hodgson leaving the club at the conclusion of his current contract this summer.
Nuno Espirito Santo, Sean Dyche, Steve Cooper, and Eddie Howe are just a few of the high-profile individuals who have been connected with the post.
Lampard was assumed to be in pole position to take over at Selhurst Park for a while, but no announcements have been made.
With the club at a critical juncture in its history, Former Liverpool player, John Barnes believes Lampard will be able to improve and rebuild his career after being fired as Chelsea manager this season.
"Frank did a great job with Chelsea," Barnes said, "Of course, what occurred in the second year happened."
"I didn't think they were in a bad situation." Frank didn't do a horrible job, and I believe he could have done better if given more time.
"A job at Crystal Palace would be ideal for him." It's a Premier League team with solid shareholders, a supportive chairman, and good players with what he's got.
"I don't think expectations will rise to 'top four,' but if Palace can get to mid-table for him to rehabilitate his career, a top-six club isn't going to come after him now, so I think it'll be a smart move for him."
"They play the style of game he wants to play, therefore I believe it will be a smart move," Barnes said.
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