Lampard, 34, has repeatedly voiced his desire to stay at Chelsea but the clubs policy of not offering long-term contracts to players above the age of 30 could force him to seek football elsewhere. Apart from Manchester United, Arsenal are also keen on signing the England international due to his vast experience in the Premier League.
United were supposed to sign Lampard last January but the prospect of paying a fee and matching the players £150,000-a-week proved costly. At the same time, Ferguson asked veteran Paul Scholes to come out of retirement to help United's midfield crisis.
This time, however, the deal could be more realistic as Lampard will be available for free and may agree for a massive pay-cut in case he wants to stay in the Premier League.
But United will face competition in the summer when overseas clubs like La Galaxy eye Lampard as a possible replacement for David Beckham.
Ferguson has always admired Lampard over the years and with Scholes' future in doubt, fitness issues with Darren Fletcher and Anderson, the Scotsman could welcome the Chelsea legend. Lampard has been in exceptional form scoring four times in five appearances.
The England veteran is Chelsea's second all-time goal-scorer with 193 goals, only nine behind Bobby Tambling.
United are also monitoring the situation with Chelsea left-back Ashley Cole. The 31-year-old England international, considered being the best in his position, has already rejected a short-term contract offer from the Blues and Ferguson is believed to be on the look out for a left-back with Everton's Leighton Baines on his target list.
Meanwhile, United are confident of signing 20-year old starlet Wilfried Zaha from Crystal Palace. Although Spurs made an initial offer of £10 million, Crystal Palace are holding out nearly £20m for the young star.