Image source, BBC Sport

Well, first and foremost, when has there been a worse time to take over as manager of Chelsea?

There may well be plenty of money at the club but that isn't going to help Frank in the short term if he cannot spend it. The two-window transfer ban is still being contested, but if Chelsea lose that fight then the coming season brings a whole host of problems to contend with.

Any boss would be worried after losing the irreplaceable Eden Hazard, who has left for Real Madrid. There could also be a gap to fill in midfield, with hints that Jorginho - a playmaker I like - may leave. Yes, they have signed Mateo Kovacic permanently from Real Madrid, but even a player with the engine of N'Golo Kante might struggle to fill the holes that remain.

Also, Callum Hudson-Odoi and Ruben Loftus-Cheek both suffered serious long-term Achilles injuries which may take as much as a season to fully recover from. A hugely experienced manager would find these difficulties hard to overcome, never mind a newbie.

Juan Chop: Congrats Super Frank Lampard & Good Luck! Derby fan and thought he was great for us, gutted to see him go but can’t deny him a dream job and he’s left us in a more attractive position for a new manager #bbcfootball, external

Jared Maobe: I don't know where people get this phrase 'too soon', from. It's the right time that Frank comes in. In fact I want the @ChelseaFC, external transfer embargo to remain, we give him time to build around the youngsters. #bbcfootball, external

Ed Morris: I can see this ending in tears. The responsibility of guaranteeing silverware every season along with CL football is way too early for Lampard #bbcfootball, external

Image source, BBC Sport

At first glance it looks like a classic no-brainer.

New Chelsea manager Frank Lampard is a club legend, one of Stamford Bridge's greatest players - and arguably the greatest of them all. He has had a reasonably successful introduction to management at Derby, scarcely putting a foot wrong all season and was unlucky not to get his team into the Premier League.

He is intelligent, erudite, has superb football knowledge and a perfect understanding of the workings of the club. He is universally loved by the entire Chelsea family and only John Terry and Gianfranco Zola would be given as much leeway if there were rough seas to be navigated in the short term.

He also brings along Jody Morris, who has an intimate knowledge of the youth setup and has championed the cause of those youngsters for years. I worked with Jody on Chelsea TV and I know how fiercely protective and supportive he is of those kids. The fans would love the introduction of more of them to follow in the footsteps of Ruben Loftus-Cheek and Callum Hudson-Odoi, so it all just sounds better and better.

There is also the recent appointment of Frank's old team-mate Petr Cech as technical advisor, so that could be another dream team scenario for the fans.

Lampard's confirmation as Chelsea boss was reportedly delayed on Wednesday evening because Facebook and Instagram were experiencing problems loading pictures and videos and the club wanted the social media sites restored to normal before making the announcement.

God forbid they're denied a flurry of retweets...

Image source, Getty Images

I'm afraid my Lampard-loving Derby-supporting colleague sat next to me would disagree, Janet...

Kaseem: #bbcfootball, external It's a huge gamble. Time will tell!

Yahya So glad to see Frankie back at the Bridge. Hoping to see him have a bigger impact at the Bridge than he had as a player. #bbcfootball, external

Worth noting that Derby have said the following:

"The club’s process for appointing a new manager is ongoing and a further update will be communicated in due course."

Steve Lagana: Lampard has achieved nothing, it's too soon for the Chelsea job but who else are they going to attract when they have a transfer ban #bbcfootball, external

Reg: Lampard will be sacked by the end of the season. You heard it here first. #bbcfootball, external

Rachel Ellis: Frank is a super guy, I just wonder if it's a season too soon. As a childhood Chelsea supporter (now a Liverpool supporter due to geography) I wish him much success but not more than Liverpool obviously!

Read it and weep, Derby fans...

"I would like to say a special thank you to Mel Morris, the players, staff and everyone who is associated with Derby County Football Club," Lampard said in his departing message.

“It has been a fantastic experience for me, and I feel privileged to have managed such a prestigious club.

“Most of all, I want to thank the fans who supported me and the team from the day I arrived in the City. I wish everyone the best of luck going forward.”

Image source, Getty Images

"I am immensely proud to be returning to Chelsea as head coach.

"Everyone knows my love for this club and the history we have shared, however, my sole focus is on the job in hand and preparing for the season ahead," Lampard said., external

"I am here to work hard, bring further success to the club and I cannot wait to get started."

Image source, Chelsea

Elated Chelsea fans, heartbroken Derby supporters, intrigued neutrals.

I want to know your thoughts on Lampard's appointment.

Too soon? The right move? Predictions for his first season in charge?

Tweet me using #bbcfootball so I can keep across your views, or drop me a text on 81111 (UK only, names on texts please!).

Image source, Getty Images

Chelsea have appointed former midfielder Frank Lampard as their manager on a three-year deal.

Lampard, 41, has left Championship side Derby County to take over at a club where he spent 13 years as a player.

He succeeds Maurizio Sarri, who left Stamford Bridge in June to take charge of Italian champions Juventus.

Lampard led Derby to the Championship play-off final, where they lost to Aston Villa, in his first season as a manager.

The former England international made 648 Chelsea appearances, winning 11 major trophies with them.

He takes over with Chelsea under a transfer embargo after the club were given a two-window transfer ban by world governing body Fifa - a decision they are appealing against at the Court of Arbitration for Sport.

Hello all, we meet again!

The reason? Football's worst-kept secret has finally been confirmed this morning...

Frank Lampard is returning to Chelsea - this time, as their manager.

I'll be bringing you all the reaction to the news right here.

Image source, Getty Images