Lampard is under pressure at Chelsea after winning just two of the last seven league games and there are suggestions the Blues are considering sacking him.
It has been claimed that the Blues have already put together a shortlist of managers who could come in to replace Lampard.
However, in some quarters it has been floated that Grant could be brought back to the club in a bid to lend Lampard an experienced hand.
The former Blues boss could help Lampard to steer Chelsea through choppy waters and turn the ship around.
But that possibility has been ruled out and Chelsea have no plans to bring Grant back in any capacity.
Grant took charge of Chelsea when Jose Mourinho left the club for the first time in 2007 and led them to their first Champions League final.
He is without work after leaving Indian Super League side Northeast United in 2018.