The Blues put up another marvelous performance against Burnley at the Turf Moor on Saturday to record seven consecutive wins in all competitions.
Chelsea impressively defeated the Eredivisie champions Ajax on Wednesday in the Champions League group stages.
The West Londoners were written off before the start of the season following a transfer embargo placed on them by FIFA.
Chelsea started the season with defeats against Manchester United and Liverpool in the Premier League and UEFA Super Cup final respectively but Lampard has steadied the ship and turned things around in a short period of time.
After four consecutive league wins, Chelsea are now fourth on the league table and just two points behind reigning champions Manchester City, who are second on the league log.
According to Savage, Lampard’s men are playing beautifully and are exceeding all expectations without the Belgium forward.
"Frank Lampard is doing what nobody thought was possible – he is making Chelsea better to watch without Eden Hazard," Savage wrote for the Mirror.
"When Lampard took over in the summer, under a transfer embargo and after Hazard's £100 million move to Real Madrid, the popular consensus was that Chelsea would struggle to finish in the top four.”
"But he has already turned them into the most watchable side in the Premier League behind Liverpool and Manchester City."
Savage added that Lampard is turning Chelsea into everyone's second-favourite team in England now.
"Lampard is in danger of turning Chelsea into everybody's second-favourite team - like Leicester four years ago - by promoting the virtues of youth."
