Gerrard shunned the chance to manage MK Dons following his retirement as a player to begin work at a lower level within Liverpool's academy.
Lampard told the London Evening Standard: "He's learned a lot, he is a great character and was a leader of men at his club.
"I think that counts for a lot. His decision will be up to him.
"I think he'll be a great manager – none of us know for sure – but I like the way he is speaking, I think it is humble, he is doing the right thing.
"Now he is working at the academy picking up experience. There are different routes for everybody.
"When you have had the career Steven Gerrard has had, you have to respect that.
"He has done a lot and it puts him at a certain level, then he proves himself after that."