The Argentine coach, who guided La Albiceleste to the final of the 2004 Copa América, is a 11/8 shot with bookmakers BetVictor, having previously steered the Whites to a top half finish in the PL in 2020/21 following the club’s promotion from the Championship.
Following closely on his heels is Sean Dyche, who enjoyed a decorated decade at Burnley, winning two promotions to the Premier League, securing European football for the Clarets for the first time in half-a-century, and keeping the club in the top flight for six successive seasons.
The 51-year-old former Millwall and Watford centre back, who has been out of work since his shock sacking at Turf Moor in mid-April, is now priced at 2/1 to succeed Lampard in Merseyside.
Evertonian legend Duncan Ferguson is another potential candidate for the role with odds at 8/1. Ferguson has previously managed the Toffees as interim boss in 2019 and 2022.
A few reports suggest Manchester United’s all-time top goal-scorer Wayne Rooney could return to Goodison Park with odds at 12/1.
Here are the other candidates in contention for the role, according to the bookies.
Odds are correct at the time of writing.

. LONDON, ENGLAND - JANUARY 21: Frank Lampard, Manager of Everton during the Premier League match between West Ham United and Everton FC at London Stadium on January 21, 2023 in London, England. (Photo by Julian Finney/Getty Images)
LONDON, ENGLAND - JANUARY 21: Frank Lampard, Manager of Everton during the Premier League match between West Ham United and Everton FC at London Stadium on January 21, 2023 in London, England. (Photo by Julian Finney/Getty Images) Photo: Julian Finney

. Rafael Benitez 25/1
NORWICH, ENGLAND - JANUARY 15: Rafael Benitez, former manager of Everton, looks on prior to the Premier League match between Norwich City and Everton at Carrow Road on January 15, 2022 in Norwich, England. (Photo by Stephen Pond/Getty Images) Photo: Stephen Pond

. Thomas Tuchel 25/1
ZAGREB, CROATIA - SEPTEMBER 06: Thomas Tuchel, ex-manager of Chelsea, looks on prior to the UEFA Champions League group E match between Dinamo Zagreb and Chelsea FC at Stadion Maksimir on September 06, 2022 in Zagreb, Croatia. (Photo by Jurij Kodrun/Getty Images) Photo: Jurij Kodrun

1. LONDON, ENGLAND - JANUARY 21: Frank Lampard, Manager of Everton during the Premier League match between West Ham United and Everton FC at London Stadium on January 21, 2023 in London, England. (Photo by Julian Finney/Getty Images)
LONDON, ENGLAND - JANUARY 21: Frank Lampard, Manager of Everton during the Premier League match between West Ham United and Everton FC at London Stadium on January 21, 2023 in London, England. (Photo by Julian Finney/Getty Images) Photo: Julian Finney

2. Rafael Benitez 25/1
NORWICH, ENGLAND - JANUARY 15: Rafael Benitez, former manager of Everton, looks on prior to the Premier League match between Norwich City and Everton at Carrow Road on January 15, 2022 in Norwich, England. (Photo by Stephen Pond/Getty Images) Photo: Stephen Pond

3. Thomas Tuchel 25/1
ZAGREB, CROATIA - SEPTEMBER 06: Thomas Tuchel, ex-manager of Chelsea, looks on prior to the UEFA Champions League group E match between Dinamo Zagreb and Chelsea FC at Stadion Maksimir on September 06, 2022 in Zagreb, Croatia. (Photo by Jurij Kodrun/Getty Images) Photo: Jurij Kodrun

4. David Moyes 20/1
West Ham United's Scottish manager David Moyes gestures on the touchline during the English Premier League football match between West Ham United and Everton at the London Stadium, in London on January 21, 2023. Photo: GLYN KIRK