Lampard, who has been out of work since being sacked by Chelsea in January 2021, has agreed a two-and-a-half-year deal with the Merseyside club, according to reports from the BBC, Sky Sports and a number of other media.
Everton sacked Rafa Benitez earlier in January following a run of only one victory in 13 league games. Former Everton striker Duncan Ferguson took temporary charge of the team for their next game, a 1-0 defeat at home to Aston Villa.
Former England midfielder Lampard called time on a glittering playing career, the majority of which was spent with Chelsea, in 2017. He moved into management a year later with Derby County, becoming Chelsea coach in 2019.