Renhe's deputy board chairman Yang Xiayou was quoted in reports published today saying the club were in contact with Lampard but that no deal had been done. It followed reports in which the club's chairman Dai Yongge claimed Lampard would join them as captain in January.
"Yes, we are in contact with Lampard, but so far nothing has been settled," Yang said.
Lampard's agent has declined to comment on speculation about the midfielder's future, and Blues boss Roberto Di Matteo dismissed the link to Renhe when the subject was raised in a press conference following Chelsea's Premier League match against Liverpool.
According to reports, Chelsea are not prepared to offer more than a one-year extension to Lampard, who could secure a lucrative payday to finish his career elsewhere.
Former Stamford Bridge team-mates Didier Drogba and Nicolas Anelka did just that when they joined Shanghai Shenhua this year on contracts said to earn them in excess of £250,000 a week.
Renhe, which is managed by former China national team coach Gao Hongbo, includes former Manchester City defender Sun Jihai.
"Lampard is a world-class star in both fame and ability, and he has played for the world's best clubs," Sun told the China Daily.
"I don't know whether (the transfer) has been confirmed, but it would be great if it is true."
Lampard has been linked with a move to China since March, while he has been touted for even longer as a big-name replacement for David Beckham in Major League Soccer.