Not only is he looking to boost the Toffees' safety hopes by beating his former club, a win could also help put his new club's old rivals in the driving seat for the Premier League title.
There's no question victory will be on Lampard's mind, with his Everton side sitting just two points above the relegation zone, but he would be forgiven for feeling a bit torn.
The former England midfielder knows a thing or two about winning big football matches, not only from his trophy-laden career at Chelsea but also in his his managerial adventure so far.
Lampard's coaching career is still in its infancy, but he has already outfoxed Pep Guardiola once in the dugout, and it was a result which gave Liverpool a helping hand to win their first title in 30 years.
His Chelsea side secured to a 2-1 win over Guardiola's men in the 2019/20 campaign, which ended Man City's two-season reign as Premier League champions.
Throughout his 21-year playing career, Lampard also held an impressive record against Man City - scoring seven goals and four assists in all competitions - before his surprise move to join them towards the end of his glittering career.
Chelsea's all-time top goalscorer was on the winning side on 15 occasions and suffered just six defeats when he encountered the Citizens.
Although Blues fans will want to forget it, the midfielder then joined Man City on a season-long loan before he embarked a new challenge with their sister club New York City of the MLS.
And he registered his first goal for the club against his former employers at the Etihad, which also ended the Blues' winning streak.
He would end his loan spell at Man City with eight goals and four assists in 38 appearances across all competitions.
After a year out in management, Lampard is now managing Everton having stepped in to succeed one of his former bosses Rafa Benitez in the dugout, with the legend tasked with keeping the Merseyside club in the top flight.
It's been a mixed start, with big wins over Brentford in the FA Cup and Leeds in the Premier League, but the task facing Lampard has been made startlingly clear in defeats to Newcastle and Southampton.
As a man for the big occasion, though, and with Man City stunned by Tottenham in a five-goal thriller last time out, there is every chance of another Lampard win over his former team.
But he may be left to swallow a bitter pill if he does, as it could also give Liverpool a big boost in their title hopes, and perhaps ensure further headaches for Everton supporters.