The Sky Blues boss has already torn up the club's spending record three times this summer, landing Loum Tchaouna for £20m, Aurele Amenda for £17.1m and goalkeeper Carl Rushworth for £22.1m, but the move for Nordsjaelland midfielder Yirenkyi would eclipse them all as one of the biggest transfers in Coventry's history.
The 20-year-old's stock rocketed at the World Cup after he scored the only goal in Ghana's stunning win over Panama, the winner brilliantly set up by Brandon Thomas-Asante, who will now become his Coventry team-mate in an unexpected twist. Yirenkyi also impressed in Ghana's shock 0-0 draw with England in Boston, delivering an outstanding midfield display as the African side frustrated one of the tournament favourites throughout.
Those performances alerted a host of Premier League clubs, with Brighton and Everton both strongly linked with a move, but it is understood Lampard's personal influence proved decisive. The former Chelsea and England midfielder is believed to have spoken with ex-Blues team-mate Michael Essien, who has worked closely with Yirenkyi during his development at Nordsjaelland, and those conversations helped convince Lampard the midfielder was the perfect addition to his rapidly evolving squad.
Real Madrid were also reported to have looked at Yirenkyi earlier in the summer, according to sources in Spain.
Should the move be completed, it would underline Coventry City's remarkable ambition under Lampard, who has repeatedly shown he is prepared to shatter the club's transfer record in pursuit of a strong first season back in the Premier League. Still only 20, Yirenkyi has already drawn comparisons in his homeland to Essien himself, with some in Ghana tipping him to follow a similar path to stardom given the right development pathway at Coventry.
The fee would also represent a landmark moment for Nordsjaelland and Danish football more broadly, comfortably surpassing the club's previous record sale and cementing its reputation as one of Scandinavia's premier talent factories, having already sent players including Mohammed Kudus and Patrick Dorgu into the Premier League in recent years.
Yirenkyi only joined the Danish club in 2024, meaning his rapid rise to a club-record fee for a newly promoted English side represents an unusually swift trajectory even by Nordsjaelland's own standards for developing and selling young African talent.
For Coventry, meanwhile, the deal continues a pattern of recruitment under Lampard built around identifying undervalued talent with a strong platform to develop further, having already targeted similar profiles in Tchaouna and Amenda earlier in the window.