The 34-year-old will be available on a free transfer at the end of the season, as he approaches the end of his contract, with the Stamford Bridge club yet to offer the England international a new deal.
Lampard is set to make his 600th Chelsea appearance in tonight's Premier League clash against Fulham at Craven Cottage, and Jol took the opportunity to praise the Blues veteran, before ruling out the possibility of signing him.
"Frank is the most productive midfield player in England in the last 30 or 40 years," he reflected in his pre-match press conference. "Everyone would love to have him.
"He's fit and is a good character. He will have a smile on his face if he listens to Fulham but I would love to have him. But it's hypothetical as he will never play for Fulham."
Still a firm fans' favourite in west London, Roman Abramovich is yet to buckle under the pressure and offer Lampard a new contract to extend his stay at Chelsea.
He's been linked with a move to Italy and the MLS, with Napoli and LA Galaxy both keen to recruit the midfielder, though Jol thinks that Lampard will end up staying at Stamford Bridge.
"I'm not sure he will play for a top-10 team," the Dutchman added. "He's a legend - a living legend over there. He won all the prizes over there. In the end I have a feeling they will keep him."