Manuel Pellegrini hopes to keep Frank Lampard until the end of the season and also claimed last week that Lampard wanted to stay longer.
Lampard is on loan from sister club New York City FC of the MLS.
It might be that Pellegrini has to settle for a shorter arrangement - for an extra month or two - but no decisions have yet been made.
Pellegrini said: “It is not just our decision. If you ask me if I want Frank to stay, of course I want him to stay.
“He is a very important player for our squad and he is playing very well, as the top player he is. Maybe in the next days we will be sure but I cannot be 100% at this moment.”