With Steven Gerrard out, Lampard, 35, will captain the Three Lions against Chile on Friday.
The England international, who signed a one-year deal with Chelsea last summer, has been linked with a move to MLS giants Los Angeles Galaxy in recent times.
However, a move to L.A. seems increasingly unlikely after the club named USA international defender Omar Gonzalez their third designated player, along with Landon Donovan and Robbie Keane, earlier this year.
Keane has just ‘verbally agreed’ a contract extension at the StubHub Center, according to reports, meaning that — in all likelihood — Donovan will have to depart if Lampard arrives.
“I’ll be 36,” said Lampard.
“Right now, I’m not sure in my own head. At my age I understand it’s not a four-year contract, it’s a one-year extension. I’m more than happy with that.
“I’ll make a decision after the World Cup…when we’ve won it and can all retire happy!”
Now then, Lampard is not taking anything for granted and will fight for his rightful place in the England squad.
“We’re all in the same boat,” added the 35-year-old. “What we’ve done up to now carries a bit of weight but if your form falls off in the next six months you can’t expect to be going.
“We all have to be on top form. If I walked around thinking my 103 caps would get me on the plane, I’d probably be on the beach. Because that means you’re taking things for granted. I don’t think any of us can afford to do that.”
Celtic shot-stopper Fraser Forster and Southampton duo Adam Lallana and Jay Rodriquez will make their England debuts against Chile at Wembley, while Leighton Baines has been selected over Ashley Cole.
Wednesday extend Martinez loan
Sheffield Wednesday manager Dave Jones is delighted the club have managed to extend the loan deal of Arsenal goalkeeper Damian Martinez until January.
Martinez, 21, has yet to make an appearance for Wednesday, but his sheer presence has boosted the form of No. 1 Chris Kirkland, says Jones.
“We’re really happy with how Damian has done, he’s a quality keeper and is pushing Chris Kirkland all the way,” said the Owls’ boss.
“You need as much competition as you can at your club and having someone of Damian’s quality here can only benefit everyone involved and we’re thankful to Arsenal for that.”
Martinez, a former Argentina youth international, will likely be sent out on another loan come the new year.
The highly-rated Argentine is surplus to requirements at the Emirates Stadium, with Wojciech Szczęsny, Łukasz Fabiański and Emiliano Viviano ahead of him in Arsene Wenger’s pecking order.