Bilic was appointed the West Ham manager in the summer following the departure of Sam Allardyce at the end of last season.
Lampard, who is now on the books of Major League Soccer outfit New York City FC, played with the Croatian at the Hammers in the 1990s.
“(Appointing Slaven Bilic) was no risk to me,” the former England international told Sky Sports. “I know him pretty well, played with him for a couple of years there and we've crossed paths since.
"He's a very smart bloke with huge charisma, a perfect fit for the club. I really like Slaven personally, and I wasn't surprised, I expected him to do well there.”
Bilic has been a huge success at West Ham so far, as the London outfit are doing better than expected.
The football West Ham have played under the former Besiktas coach has been entertaining as well, and the fans are very happy with how things are going for them at the moment.