Guizhou, who have started their 2012 campaign unbeaten after two games, are making moves to rival the likes of Shanghai Shenhua after the big-spending club brought in Nicolas Anelka in January.
Didier Drogba is another Premier League player understood to be on Shanghai's radar, while Guizhou, from the south-west of China, are reportedly set to offer veterans Lampard and Ferdinand £250,000-a-week each.
"I want the best team in China and we are prepared to invest a lot of money to bring Ferdinand and Lampard to us," club chairman Wang Guolin told The Sun newspaper. "Many people here watch the Premier League and know how good the two players are."
It is also reported that Shanghai are willing to break the bank to bring in Real Madrid manager Jose Mourinho to replace Jean Tigana next season, while former England manager Sven Goran Eriksson continues to be linked with a move to the Chinese Super League after previously being mooted as the next boss of Shandong Luneng.