The Toffees have confirmed that Lampard has taken the reins at Goodison Park today, succeeding Rafael Benitez who was shown the exit door earlier this month.
Lampard is putting together his backroom staff at the club and will be joined by Joe Edwards, Chris Jones and Paul Clement while he is also considering the possibility of roping in his ex-Chelsea team-mate Ashley Cole.
Ferguson, who was in charge of Everton as a caretaker boss following Benitez’s departure, was also among the names on the club’s shortlist, but Lampard won the race for the Goodison Park hot seat.
The Scotsman is claimed to be the favourite to land the vacant managerial position at Sunderland but as it stands, he is set to continue as a first team coach at the Toffees, with Lampard also asking for his support to help turn the fortunes around at the club.
Everton goalkeeping coach Kelly, will also retain his position at Goodison Park and will be part of Lampard’s support staff at the club.
Having returned to Premier League management, Lampard has rallied for the fans to unite around the Toffees as they gear up to stave off relegation in the second half of the season.
Lampard’s first game in charge at Everton will see them take on Brentford in a FA Cup clash at Goodison Park at the weekend.