Legendary club captain Terry announced a few months ago that he will be ending his lifelong association with Chelsea upon the conclusion of this season after the Blues failed to show enough initiative to offer him a new contract.
Despite the announcement, Chelsea fans are still hopeful that Terry will change his mind and now former Blues hero Lampard has also imploreed the club to hand the 35-year-old a new deal.
"I think he's a leader, he has a huge presence with the club.
"I would [give him another contract], but it's a decision for the club to make. I know John wants to stay. I think he's a help for the young players at the club, he's a link with the fans at the club, but the decision will be made by the owners.
"Same as what happened with me, eventually your time comes. I'm not sure now is his time. I've seen him perform this year, and I think he's done very well."