He has been given plenty of cash to spend on new players in January

Frank Lampard has been given the go-ahead to launch a January spending spree that will primarily focus on home-grown players after Chelsea’s transfer ban was lifted by the Court of Arbitration for Sport on Friday.

The manager’s budget could be as high as £150million after significant revenue was raised through player sales while Chelsea were prohibited from making signings by FIFA last summer. But Lampard will not spend for the sake of it, not least because many of the club’s leading targets, such as Wilfried Zaha and Ben Chilwell, may not be available.

Lampard confirmed Chelsea would be active in the market next month, but he could find his first transfer window as a Premier League manager a frustrating experience given the nature of his targets, the majority of whom are at clubs with no pressing need to sell.

Chelsea's FIFA transfer ban for breaking youth transfer rules has been cut to just one window

The outcome means that manager Frank Lampard will be able to sign new players in January

Chelsea, owned by Roman Abramovich (above), were successful in their appeal to CAS

As well as Zaha and Chilwell, Chelsea are keen on Jadon Sancho and Nathan Ake, who would all count as home-grown players, while they have also scouted Brentford’s Algerian winger Said Benrahma.

In addition, Chelsea are looking for a centre forward to supplement Tammy Abraham, with the experienced trio of Olivier Giroud, Pedro and Willian facing uncertain futures.

Lampard’s success in establishing Chelsea as a top-four force in his first season has been largely based on the development of young English players such as Abraham, Mason Mount, Fikayo Tomori and Reece James, which will underpin his approach to the window.

Chelsea will now look to spend in January, with Crystal Palace winger Wilfried Zaha a target

Borussia Dortmund winger and England international Jadon Sancho is also on the Blues' radar

‘Every big team buys,’ Lampard said. ‘In the competitive nature of the Premier League look at what Manchester United have spent in recent years and Manchester City, and now Tottenham last summer and Arsenal.

‘It’s obviously part of the picture. We sometimes get a finger pointed at us because people are still thinking about 20 years ago when Roman Abramovich turned up, but every club is buying.

‘At the moment we have managed to utilise a lot of hard work that has gone into the academy over the last 15 years, which has changed our picture, but we still want to improve if the opportunities are there. But if you think we’re going to line up Tammy, Mason and Reece and sell them, we’re not. They’re here to stay and we’ll try to improve from that base.’

Chelsea’s ability to buy next month represents a considerable victory for the club after CAS partially upheld their case by reducing their transfer ban from two windows to one, which has already been served.

A deal is currently being worked on to bring in Leicester full back Ben Chilwell

The panel, which had spent two weeks considering evidence from Chelsea and FIFA, also reduced their fine from £460,000 to £230,000.

Chelsea had previously failed to get their ban overturned in an appeal to FIFA, which was dismissed last May, with the appeal panel upholding the world governing body’s judgment that the club had breached Article 19 of their regulations on the status and transfer of players, which concerns the protection of minors.

FIFA first took action following allegations that Burkina Faso striker Bertrand Traore had played for Chelsea for several years before being registered in 2014, which they subsequently discovered had happened to other players. Earlier this year they published documents showing that the club had committed 150 breaches of their regulations.

In a statement released yesterday, CAS said it found that Chelsea ‘did violate’ the rules on minors, ‘but for a significantly smaller number of players’.

CAS are understood to have concluded Chelsea were guilty of nine breaches, rather than the 27 guilty cases upheld by FIFA. In their submission Chelsea referenced Manchester City, who escaped with a £315,000 fine in August after being found guilty of similar breaches of the rules.