The veteran midfielder notched his 200th goal for the club in the 2-0 win over West Ham United on the weekend, to go within two goals of all-time leading scorer Bobby Tambling, and prompting skipper Terry to rate him higher than other club legends.
"You talk about the (Gianfranco) Zolas and the best players to have played at the club, but for me he (Lampard) is the best," Terry told Chelsea TV.
"We all love him, we'll all be pushing for him to reach the record.
"You can only single out two players to play consistently well and to score goals over the course of the last 10-15 years and that is him and Ryan Giggs.
"It's incredible, to see the number of goals he's scored at such a high level as well - Champions League goals, Premier League goals - and the hunger.
"He is an example to all the players here."