The Chelsea midfielder has been at Stamford Bridge since 2001 and led the club to UEFA Champions League glory in May.
And the 34-year-old admits his thoughts have turned to the possibility of following the likes of Ruud Gullit, Gianluca Vialli and Roberto Di Matteo from the pitch to the dugout for the Blues.
"I am thinking about my coaching badges now but there is only one club I want to manage," Lampard told The Sun.
"I know it might sound a bit selfish but I wouldn't want to go through 'showing myself' with a lower club.
"Although I would never expect to walk into a position such as the Chelsea manager, this is the only club I'd want to manage."
But Lampard, who has just one year remaining on his current deal at the club, is concerned about destroying his legacy as a player if he were to fail as a manager.
"I'd love to have a crack at it but I'd want to do it well," he added.
"I wouldn't want the supporters to forget everything I've tried to do as a player because I can't manage the team."
Lampard has played under a number of high-profile managers at Stamford Bridge including Claudio Ranieri, Jose Mourinho, Luiz Felipe Scolari, Guus Hiddink and Andre Villas-Boas.
And he feels he has developed an understanding of what to do - and what not to do - from working under those bosses.
He said: "Without doubt I've picked up some good things that I'd do differently. The main thing I've learned is how to treat people properly.
"It's important to respect the players and by doing so, hopefully, you'll earn their respect back.
"We saw that with Jose Mourinho. I saw him being strong with players and having arguments but the vast majority who played or worked for him had a massive amount of respect for him."