Lampard led Coventry back to the Premier League after 25 years away from the top flight last week, in what is an incredible achievement.
The former Chelsea midfielder is already been linked to replace Liam Rosenior in West London, but it’s likely that he will stay with Coventry whose aim will be to survive relegation.
Speaking to Betfair, Shearer revealed what Lampard will need if he wants to find success next season.
“I hope Frank Lampard keeps Coventry in the Premier League next season. It takes courage to drop down to the Championship to prove himself again and he has done just that.
“They are a great example of spending, bringing players in and doing things right. Whether they can do that again next season, we'll have to wait and see. That has to be an aim for Coventry.
“The experience from the last few seasons will have done Lampard the world of good heading back into the Premier League. He has shown great courage in doing what he's done in being prepared to go down to the Championship again. It's been a great decision of his.
“He has had a great reaction from his players and the owners at Coventry. He deserves it, and I hope he can keep them up, because that would be a remarkable achievement.”
Coventry City owner Doug King believes Frank Lampard has found his "happy place" at the club, and he will hope to keep that morale and momentum up heading into what will be a tough campaign.