Terry ended an illustrious playing career on Sunday at the age of 37, having won five Premier League titles, five FA Cups, three League Cups, a Champions League and a Europa League, mostly alongside Lampard as Chelsea's most influential figure.
Terry has been linked with the vacant role at Aston Villa, and Lampard, currently Derby County's manager, believes that he has the perfect temperament to be a successful manager.
"He always seemed like he was going to be a coach or a manager, and he has all of the attributes. He's a leader, he studies the game, and I think and hope he'll do well", Lampard told the 'Daily Mail'.
"He has obvious attributes in leading people around him. That's what a manager needs to do - he did it in the dressing room.
"It changes slightly when you become a manager but you still have to have those attributes where you can push people on, drive, encourage, lay down the rules on how to perform to get the best out of yourself as a group. If he carries that on to management then I think he'll be a success.
"(Terry's playing career) was truly great, whatever way you look at it. John's titles, medals, personal achievements are absolutely up there in terms of world football, in terms of an English career in the Premier League era", he added.