Lampard took over as Chelsea head coach before the beginning of the 2019/2020 season following the departure of Maurizio Sarri.
Despite a transfer embargo placed on the West Londoners at that time, Lampard steered the Blues to a top four finish and reached the final of the FA Cup which they eventually lost to London rivals Arsenal.
His first season’s achievements made Chelsea to cough up a mammoth amount to bolster the club’s squad before the beginning of this campaign.
The likes of Hakim Ziyech, Timo Werner, Ben Chilwell, Kai Havertz were brought in for huge sums of money.
Chelsea started the season fairly good under Lampard and later mounted a 17-game unbeaten run, but things went downhill after that which caused Roman Abramovich to replace the former midfielder with Thomas Tuchel.
Lampard is currently on a sabbatical despite being linked with a host of clubs, and was interviewed after he sat down to support the Willow Foundation ahead of the London Football Awards on April 29.
"No matter how good you think you are or whatever circumstances you are in, [being sacked] can happen," Lampard said.
"It gives you a sense of perspective of what's important. It came at a time where we were due a young son and it has given me a lot more time to be home so you count your blessings on that front.
"It has been great to be around the family.
“I have had some opportunities that have come up in the last six weeks to two months that have been flattering and nice but it wasn't the right thing. It has certainly been nice to step out having been managing two and a half years full pelt.
"With the family situation, the opportunities were not quite right. I think about it and it would be something I am keen to do at the right time and the right place. As much as I am resting and recuperating away from the game, I am keeping an eye on it.
"I am looking forward to things that may come. I am watching football and trying to learn and get better. In this game, you never stop learning so I will try and find the right time and opportunity, if it comes and I am very keen to get working again."
In addition, he went on to admit that he tried to sign Rice, who has been nominated for London Footballer of the Year.
"Now you see him in the England squad and quickly you don't see an England team without Declan in it,” Lampard added.
"We are fortunate to have him in England, West Ham are fortunate to have him. He's a leader and it is clear that he's destined for great things. I have probably given it away with how I spoke about him but I think it's common knowledge that I was a big fan of his.
"It didn't happen for various reasons, but we brought in a lot of players in the summer. But I was a big fan of him. For understandable reasons, West Ham know the player that they have on their hands.
"I don't want Declan to be in an uncomfortable position through this because all I see from him is absolute performance and desire to play for West Ham. They gave him the chance there and the choice will be Declan's as the years go ahead, but his performances are great to watch.
