Lampard was sacked by the Blues on Monday, with the club ninth of the Premier League table despite a summer outlay of more than £200m on new signings.
Former Borussia Dortmund and Paris Saint Germain manager Thomas Tuchel is expected to become Chelsea’s 15th different manager since Roman Abramovich bought the club in 2003.
Lampard’s dismissal came 18 months into a three-year contract and less than 24 hours after guiding the Stamford Bridge outfit into the fifth round of the FA Cup courtesy a 3-1 win over Luton Town on Sunday.
"Obviously I'm gutted for Frank, he's an ex-team-mate of mine, someone I respect greatly," said Gerrard on Lampard, who have 220 England caps between them.
"But knowing the guy, he will be back in no time. He will dust himself down and get back involved. He will use this time to spend with his family. He's obviously got a young family and one on the way.
"I'm disappointed for him. I thought it was a very swift exit on the back of a positive result at the weekend (3-1 win in FA Cup on Sunday).
"But I don't know the details. I don't know how it's been for him, I don't know the relationships that he's had inside the club.
"I did think it was an opportunity for Chelsea to really reach out and support him during this tough period rather than do what they have done.
"But Chelsea have got history for that so it was no surprise."
