Today Premier League clubs released their preliminary retained and released lists, showing players under contract and needing new contracts for the upcoming EPL season. Contracts are good through June 30th, and players are free to negotiate until then. The important news for LA Galaxy fans is that oft rumored target Frank Lampard is listed as available on a free transfer.
At this point discussion is purely speculative, as the Galaxy have all three Designated Player spots filled and Lampard is still free to negotiate a new deal with Chelsea as has happened on all the other occasions when Lampard was a sure thing to come to LA due to his contract expiring.
At this point I think most fans have moved on from the deal that was claimed to be imminent by many journalists. The Galaxy are supposed to have discovery rights on Lampard, there was a claim that an insurance policy was taken out on Lampard. It all seems a bit silly now.