Glasner helped the Eagles to their first ever FA Cup triumph last season which was the first piece of silverware the side had won for 70 years.
The 51-year-old stated last week that he felt he had been “abandoned” by the board after the departures of Marc Guehi and Eberechi Eze which have stunted the club’s success.
He revealed he would leave at the end of the season once his contract was up, leading to a number of managers being linked with the post including Lampard.
Lampard’s side remain six points clear at the top of the Championship despite a 3-2 loss to Birmingham City and a 1-1 draw with Charlton Athletic earlier this month.
The Sky Blues look like real promotion candidates this season and reports claim that if they do climb back to the Premier League, Lampard will be targetted by Palace who see him as a fitting replacement for Glasner.
Lampard has enjoyed a remarkable run with Coventry this season, losing only four Championship games over 27 matches so far as his side storm ahead of the likes of Middlesbrough, Ipswich Town and Hull City.
The Chelsea legend is expected to feature prominently on the Eagles’ list of options over the next few months before Glasner leaves officially. It will be interesting to see how the story develops as a return to the top means Lampard facing Chelsea once again.