Manchester City manager Manuel Pellegrini hopes to resolve the future of Frank Lampard "within the next few days".
The former Chelsea midfielder, 36, is on loan from sister-club New York City for the rest of the calendar year.
But City wish to keep him for longer and are hopeful of negotiating a deal to last until the end of the campaign.
"I repeat, Frank is very important for our team so I hope he will stay here," said Pellegrini.
Lampard has been a key member of City's squad this season with six goals in 15 appearances and with Yaya Toure at the Africa Cup of Nations in January, the champions could be short in the midfield positions.
However, New York start pre-season training in January ahead of the new Major League Soccer season in March.
Asked if he risked upsetting the Americans, Pellegrini said: "I don't think so. That is why we have long conversations with all of them.
"That is just one club so I think that what is better for the club is better for all the clubs.
"I hope Frank's situation will be resolved in the next days. I said in the beginning it will be during December we are going to have the last decision."