Derby County are on the hunt for a new manager after dismissing Phillip Cocu from his role last month.
Player-manager Wayne Rooney has been placed in temporary charge of the Rams but the former Manchester United and captain is still winless in his three games at the helm.
Terry, who is currently assistant manager to Dean Smith at Aston Villa, has been linked with the vacant position at the championship’s bottom club.
Lampard cut his managerial teeth at Derby in the 2018/2019 season, taking them to the brink of promotion before taking over at Chelsea last season and he is backing Terry to have a similar impact if appointed.
"I think John is destined to be a manager. He is obviously working very well alongside Dean Smith over the last few years at Aston Villa, so would have been learning a lot," Lampard said at his press conference ahead of Chelsea’s Champions League game against Sevilla on Wednesday.
"But what John knows and his experiences in the game as a player will be huge, I know that from playing alongside him so long what he has to offer.
"I think it is a great opportunity potentially for him if true and for Derby."
"John will be a hungry, ambitious manager, whether it's Derby or whatever other opportunities come his way as he goes along.
"I don't know anything [about the Derby link] but John is going to be a fantastic coach in my opinion."
Derby are in the middle of a takeover by Abu Dhabi royal family member Sheikh Khaled bin Zayed Al Nehayan, who is the cousin of Manchester City owner Sheikh Mansour.
