The veteran Chelsea trio are all out of contract at the end of the season, and although Blues boss Jose Mourinho has assured the players that talks are scheduled for later this term, the report claims they may not be kept on.
Because Chelsea owner Roman Abramovich is reportedly willing to cut ties with Lampard, Terry and Cole. A Daily Star source claims the Russian billionaire does not plan to open talks over new contracts for the three players.
As a result, the trio could look for new clubs in the January transfer window – or leave Chelsea for nothing at the end of the season.
Cole and Lampard have been linked with moves to the MLS – New York Red Bulls are thought to be keen on the 33-year-old Cole while LA Galaxy tried to sign the 35-year-old Lampard over the summer.
Turkish giants Galatasaray have been mentioned as possible suitors for club captain Terry, where he could link up with former-Chelsea star Didier Drogba.