Lampard was announced as Derby's boss in May, following Gary Rowett's decision to leave Pride Park for Stoke City. The former Chelsea midfielder is keen to add some strength in depth ahead of his debut season in charge of the Rams.
Former teammate John Terry was rumoured to be closing in on a deal at Pride Park, but Lampard has now turned his attention to a more youthful defender in Jay Dasilva.
The versatile wing-back, who joined Chelsea's academy from Luton Town in 2012, is among a number of youngsters who have impressed whilst playing for England at youth level.
Dasilva captained the England under-19 side last summer as they clinched the European Championship, while he was also part of the under-21 squad who won the Toulon tournament for the third successive time on Saturday.
Lampard and his assistant Jody Morris watched the 20-year-old play in the semi-final victory against Scotland, and the duo are now preparing to make their move.
However, according to the report, Derby will face stiff competition for Da Silva's signature with at least two Premier League clubs and a number of Championship clubs also interested in acquiring the youngster on loan. Nevertheless, Lampard's connections with Chelsea could prove to be decisive.
Dasilva spent last season on loan at League One side Charlton, who lost out to Shrewsbury Town in the playoffs. His impressive performances for the Addicks earned him rave reviews from Lee Bowyer, who likened him to another of Chelsea's former players.
"He is very similar I think to Ashley Cole and he is probably better than Ashley Cole was at his age. I played against Ashley at a young age," Charlton's assistant manager claimed, as quoted by the Daily Mail.