It was believed that the Boro boss had signed a three year extension to his contract back in November, but Boro's chief executive revealed that there is still a minor issue with the contract and McClaren has still to put pen to paper.
Speaking on Century FM's Legends show Lamb admitted that McClaren had not put pen to paper. He insisted that only a "minor technical detail" which is "not an issue for either the club or Steve" is holding up the contract being signed, amid speculation he could be the man to replace England coach Sven-Goran Eriksson.
Lamb is confident he remains the right man for the club, and told Century FM: "It is my judgement Steve has made some mistakes - but everybody does. He has also made some good decisions in the last four and a half years and we have had more good times than bad times. The club is at a low ebb, but we don't intend to panic. What we need to do is to pull together, circle the wagons and fight our way out of it."