Sky Sports report that, the former Chelsea star has spoken to the League One club about their vacant manager's position.
Lampard is one of several candidates thought to be under consideration for the position, along with Garry Monk's former assistant at Swansea and Leeds, Pep Clotet, and former Chelsea and Leeds striker Jimmy Floyd Hasselbaink.
According to Sky, the former England midfield star is the favourite to land his first job in football management.
Oxford are in the hunt for a new manager after Michael Appleton quit the club to join Leicester as Craig Shakespeare's assistant.
Lampard retired from playing in February after a glittering career which saw him win three Premier League titles, four FA Cups and the Champions League. He scored 211 goals for Chelsea - a club record.
The 39-year-old also won 106 England caps.