During last Saturday’s battering of Stoke, Frank Lampard reached an important milestone for Chelsea.

As his penalty nestled into the net to make it 3 – 0, the midfielder became Chelsea’s second highest goalscorer and only eight goals behind record holder Bobby Tambling’s total of 202.

There is every chance that Lampard could break that record before May. But if reports are to be believed that will be the curtain call for his Blues career.

The word from Stamford Bridge suggests that the 34-year-old will be released at the end of the season bringing a close to a 13-year association with Chelsea.

However fans and pundits alike believe owner Roman Abramovich is being a tad hasty, so who is right?

Age

At 34, Lampard has seen better days. He could easily have been jettisoned last season when he was sidelined by then-manager Andre Villas-Boas who was tasked with replacing the old guard of Lampard, Drogba and Terry.

But Lampard and co got their places back after Abramovich lost patience with the Portuguese coach and promoted Roberto Di Matteo. Lampard took his chance and played a key role in the unlikeliest of Champions League wins, captaining the Blues in the final.

Chelsea can afford to bring in a replacement, but can they afford to lose the experience he has picked up over the years and his knowledge of the club?

Abramovich could look to Manchester United where Paul Scholes and Ryan Giggs still serve a purpose by passing on their vast experience and the club’s values.

Chelsea’s “values” are still a topic of debate after recent controversies such as the brutal sacking of managers, the John Terry-Anton Ferdinand issue, the harassment of Rafa Benitez by sections of the home support and the manner in which (false) accusations regarding referee Mark Clattenburg were publicised. But Lampard has not been a source of controversy since his early years and is generally well respected within the game as a worthy representative of the club.

And despite his advancing years, he seems to have kept himself in good physical condition which will be crucial as he enters his late thirties.

Performance

Lampard was never the type of player to dominate the rhythm of a game like a Xavi or Paul Scholes. Although he has good range of passing, his greatest asset has always been the goals he provided from midfield.

He has fared reasonably well in the goalscoring stakes in the league this season with seven in 13 – although three have come from the penalty spot - and a shooting accuracy rate of 86.7 per cent which is far away the best of all the midfielders and strikers at Chelsea.

The other side of his game is unsurprisingly less impressive. He has been devoid of creativity, fashioning 10 chances in those 13 games, with no assists.

His passing does not set the world on fire. From the base of the midfield he has a pass completion rate of just over 80 per cent, which falls to 73 per cent in the opposing half.

In comparison John Obi Mikel’s pass completion is 89.9 per cent - although he attempts less risky passes - Ramires’ is at 85.5 per cent and newly converted midfielder David Luiz is on 82 per cent.

Perhaps it is Lampard’s overall contribution as well as his age that has dissuaded Chelsea’s top brass, rather than the goals he scores.

Offering Lampard a two-year deal would be risky business for the club, while a one-year contract would not provide enough security from the player’s perspective.

So it really comes down to the value of experience at Chelsea. Lampard has buckets of knowledge and also seems to performing well for a player of his age. So it would seem a no-brainer that a deal between both sides would be the best way forward.