Lampard and Terry remain two of Chelsea's greatest ever players.
Derby County manager Lampard was one of a number of yet-to-be-tested managers that were given opportunities in British football, which also include Steven Gerrard at Rangers and Joey Barton at Fleetwood Town.
Now, there could be another example of just that with Thierry Henry the hot favourite to take over at Aston Villa, with Terry being linked with an immediate return to Villa Park to become the Frenchman's assistant.
Lampard was asked whether Terry, 37, would suit management on the back of being linked with Villa, and his former Chelsea teammate was more than clear in stating that Terry is perfect for that side of the game.
"Without a doubt," Lampard said, when asked if Terry could be a coach. "I think he's said that already and in terms of character and personality, yes. We all know that. He was a leader on and off the pitch.
"He wants to do well. He's driven, he wants to learn about the game and he has got so much experience and knowledge inside already. He will make that work because that is the type of person he is, professionally. "
Villa opted to sack Steve Bruce after a disappointing start to the campaign, despite harbouring pre-season expectations of a fight for automatic promotion after reaching the play-off final last season - with Terry as captain.
Plenty of names have been linked with the vacant hotseat, including former players, managers currently with a club and without and the likes of Henry and Terry who have been previously untested.