Frank Lampard agrees to sign new one-year Chelsea contract?

Chelsea midfielder Frank Lampard will reportedly officially extend his stay at Stamford Bridge by signing a new one-year contract.

The 35-year-old is expected to follow John Terry's lead by committing a further year to the club when he returns to the UK from England's pre-World Cup training camp in Portugal this weekend.

According to The Express, Lampard is close to agreeing fresh terms, which will include a drop in his £150,000-a-week salary, but will feature an appearance clause.

Meanwhile, Ashley Cole's future looks to be elsewhere after he revealed this week that he is unlikely to secure a new deal with Chelsea when his contract expires next month.