According to The Sun, the Chelsea legend is in talks with the League One club over their managerial vacancy.
Oxford axed Pep Clotet on Monday after just seven months in charge, following a poor run of form.
Lampard, 39, has now emerged as their shock target to succeed the Spaniard.
The former England star has been working in the media since calling time on his playing career 12 months ago.
But he has been taking his coaching qualifications and has spoken of his desire to enter management.