The former England international was reportedly among a host of managers under consideration by the Rangers hierarchy.
However, as the club enters the final stages of its search for a permanent manager, Lampard is out of the race.
Rangers appear to have heeded the warnings of Simon Jordan, who urged the Scottish giants to abandon the idea of appointing Lampard.
The Gers are already lagging in the race for the Scottish Premiership title, trailing arch-rivals Celtic by seven points as they sit in third place.
The midweek 2-1 continental defeat to Cypriot side Aris Limassol means the managerless Rangers share an identical position in their Europa League Group C.
Rangers desperately need a manager who can get their campaign back on track, and Jordan’s assertion of Lampard’s ability is spot on.
The 45-year-old recorded just one victory in 11 games in his second spell as Chelsea manager, leading to the club’s worst Premier League finish since 1994.
Before his horrendous second coming at Stamford Bridge, Lampard was on the brink of steering Everton to their first-ever relegation from the English top flight until Sean Dyche was appointed to steady the ship.
Rangers would do well to avoid Lampard with a ten-foot pole, considering the Englishman has yet to prove himself at any level during his massively underwhelming managerial career.
Leading Derby County to the Championship play-offs only to fall at the final hurdle also doesn’t help his charge for a job as prestigious as the one currently on offer at Rangers.
Kevin Muscat, Philippe Clement and Pascal Jansen have been linked with the position. Billy Davies, Ryan Lowe and Scott Parker have also been mentioned.
Rangers are keen to finalise the appointment of a new manager during the international break. They will hope interim boss Steve Davis can secure victory in their upcoming fixture against St Mirren.
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