Several newspapers on Friday claimed the Premier League champions were lining up a £10million bid to boost their midfield.
Lampard has been in and out of the Chelsea side this season and there have been rumours of a strained relationship with manager Andre Villas-Boas.
The England international, who has 18 months left on his contract at Stamford Bridge, has recently stressed his commitment to the Blues amid reports of a possible exit.
And Ferguson has ruled out a move to bring in the 33-year-old to boost a United midfield which has been depleted by injuries this season.
The Red Devils boss said: "Do you really think Chelsea would sell to United in January? There's no foundation in that. Chelsea want to do something in the second half of the season so they want to keep their best players.
"What can you get in January? The players we'd like, we can't get. If the alternative is to sign a second-rate player, we don't want to do that.
"Our injuries have led to fans wanting us to sign someone but I don't want to sign a player who won't get a game when everyone's fit because he's not good enough."
Tellingly, Ferguson's comments did not convey a lack of interest, just a belief Chelsea would want to keep Lampard.
The same could be said of many potential targets, which is why he believes it is better to trust the players at his disposal, even though defeat in Sunday's FA Cup tie at Manchester City would pile even more pressure on the men from Old Trafford.
"The thing is, what can you get in January?" he said.
"I have said this all the time. The players who are available that we would like, we won't get.
"What do you do? Do you take a second-rate player? No, of course you don't.
"The injury situation has accelerated a lot of our fans into saying we will have to get someone.
"I would rather stick with the ones I have got than bring someone in who ends up not having a game anyway because they are not good enough."
Meanwhile, Ferguson confirmed he will be relying on the squad that suffered a 3-0 defeat at Newcastle on Wednesday for this weekend's game.
There had been hope Chris Smalling would have recovered from a bout of tonsillitis but Ferguson's optimism has proved to be unfounded, with the former Fulham man not expected back until the Premier League encounter with Bolton on January 14.
