After a successful first season in charge where he steered Chelsea to a top four finish, Roman Abramovich financially backed the English manager in an attempt to bring the Blues back to the summit of the Premier League.
Players like Hakim Ziyech, Kai Havertz, Timo Werner, Ben Chilwell and Edouard Mendy were brought in to bolster the squad for a mammoth amount of money.
Lampard failed to convert his big-money signings into a desired results and it eventually cost him as he was relieved of his duties last week.
Hudson believes his compatriot would still have his job had he opted for the Aston Villa captain ahead of the 2020/2021 season.
“I know Frank, used to know him well until becoming manager, and had I been his adviser I would have told him to buy Jack Grealish,” the former Chelsea midfielder told CaughtOffside.
“And I mention this because Jack has just learned the ins out outs of top-level football, and he’s 25 years of age – that’s how long it takes today, not 18 months.
“Had Frank signed Jack he’d still be the Chelsea manager. That’s the difference – Jack makes things happen, he knows the game, not like these kids, who are players in waiting.”