Robert S. P. Beekes has suggested a Pre-Greek origin of the name, based among other things on the coexistence of -λλ- and -λ- in epic language, which may account for a palatalized phoneme /ly/ in the original language.
ɹˈɑːbɚt ˈɛs. pˈiː. bˈiːks hɐz sədʒˈɛstᵻd ɐ pɹˈiːɡɹˈiːk ˈɔːɹɪdʒˌɪn ʌvðə nˈeɪm, bˈeɪst ɐmˌʌŋ ˈʌðɚ θˈɪŋz ɔnðə kˌoʊɛɡzˈɪstəns ʌv lˈæmdəlˈæmdə ænd lˈæmdə ɪn ˈɛpɪk lˈæŋɡwɪdʒ, wˌɪtʃ mˈeɪ ɐkˈaʊnt fɚɹə pˈælɐɾəlˌaɪzd fˈoʊniːm slˈæʃ lˈaɪ slˈæʃ ɪnðɪ ɚɹˈɪdʒɪnəl lˈæŋɡwɪdʒ.