Lampard is off contract in June.
Leboeuf told talkSPORT: "If you donâ€™t find somebody better than him in his position, why do you want to get rid of him?
"The games I have seen of Frank playing, I donâ€™t see a better player right now at Chelsea. So why do you want to get rid of him? They need him right now.
"If you have young players as good or better than Frank Lampard, then yeah you should replace him. But if there is nobody better than him, you have to keep him. It's as simple as that.
"He won't play every game but he will be very useful. He's a leader in the dressing room, he scores goals, he is a leader on the field. I'm certain that he is going to be useful and Chelsea need him."