By James Dall Last updated: 9th July 2008
Lampard: Inter target
Chelsea chief executive Peter Kenyon insists Internazionale target Frank Lampard will see out the remainder of his contract at Stamford Bridge.
On Tuesday, Inter stepped up their interest in the England international, launching a £7.95million offer for his services.
Chelsea are keen to keep Lampard at Stamford Bridge, and are set to reject Inter's proposal.
However, with the 30-year-old's current deal due to expire at the end of next season, Lampard will be able to leave the club on a free transfer.
Kenyon, though, has insisted the Blues will not cash-in on the attacking midfielder this summer, and is hopeful Lampard will put pen-to-paper on their previous offer of an extension.
"The situation is ongoing," said Kenyon. "We have always maintained that we want Frank to stay and an offer was made to that effect.
"That offer is still on the table. Frank is under contract and he still has one year to run on that.
"We'd like to hope we can reach an agreement but if we can't we have always worked on the basis that Frank sees out the terms of his contract.
"Chelsea has made its position very clear to Internazionale and they have come back now with a financial offer. That will be rejected.
"Contrary to what you may have read it is totally untrue that (manager Luiz) Felipe (Scolari) was pushing the club or putting pressure on us to change the offer to Frank.
"At no stage was he ever in conflict with the club's position or asked the board or the owner to change the offer."

Latest Sky Sports News Report
Championship Round-Up - 7th November
Wigan v Fulham - 2nd Half
Wigan v Fulham - 1st Half
West Ham v Everton - 2nd Half
West Ham v Everton - 1st Half
UBS Hong Kong Open Preview
HSBC Champions Review
Chris Burton catches up with Sam Stockley on the day the experienced defender hangs up his boots.
Liverpool undid their hard work of last week, Chelsea marched on while Arsenal claimed the derby spoils.