With the Premier League season over, Lampard is stepping down from his post at the club.
Asked how the Brazilian ranked among club legends, he stated: “It's huge isn't it. He ranks right near the top.
“It's hard to compare anyone to John Terry because of his longevity, he came through the club, captain for all of the successful year and was an amazing player.
“Thiago is another version of an amazing player who has come here at the back end of his career, bought into the club, had a successful win in the Champions League and is an incredible center-back. I knew that, I say knew that when I brought him to the club, I thought he was a top player, I didn't realize how good he is."