Chelsea's board believes Frank Lampard has enjoyed a "very successful" first season at the Stamford Bridge helm.
Lampard steered Chelsea to a fourth-place Premier League finish to secure Champions League qualification, while the Blues also reached the FA Cup final albeit losing the Wembley showpiece to Arsenal.
Chairman Bruce Buck hailed Chelsea boss Lampard for sealing Champions League qualification, in a campaign where the Blues battled a transfer ban and blooded a host of young talents.
Former Chelsea midfielder Lampard has laid the foundations on a new Stamford Bridge era, leaving the club's decision-makers impressed.
"In the round we think it was a very successful season," said Buck. "I think obviously we would have been a little bit happier if we had won the FA Cup. But I'm sure the manager and the players were gutted not to lift the trophy."
The seal of approval from the Chelsea board - and by extension owner Roman Abramovich - will boost 42-year-old Lampard as he continues to plot his reshaping of the Blues playing squad.
"Frank Lampard is a very positive force for Chelsea," said Buck.
"He's Chelsea through and through and that continues to show through. He carries a lot of credibility.
"It's an exciting time for Chelsea."