The England international is in the final year of his contract and Chelsea's new boss Rafael Benitez has revealed that Lampard will be free to leave at the end of the season, the Daily Mirror reports.
Wenger, who has specialised in the recruitment of emerging young players, has instructed his staff to find some tried and trusted players to bolster emerging young stars such as Jack Wilshere and Alex Oxlade-Chamberlain.
Benitez will be happy to keep Lampard until next June when his deal expires and he can leave on a free transfer.
Lampard has been absent through injury since Benitez arrived at Stamford Bridge but the interim boss hopes the veteran will be fit for the must-win Champions League clash with Nordsjaelland on Wednesday.
Lampard has been linked with a move to LA Galaxy and could also be a target for QPR if they fail to recruit David Beckham, but would prefer to stay in Europe.
The decision for Wenger is whether to make cash bid to prise Lampard away in the January window.
Lampard has been hailed as one of the fittest, most dedicated players in the Premier League.
Wenger gave serious thought to competing for his signature when he left West Ham United for Stamford Bridge 11 years ago, and the Arsenal boss has seen how innovative fitness regimes kept the likes of Lee Dixon, Nigel Winterburn, Tony Adams, Steve Bould and Martin Keown playing well into their thirties. (ANI )