Lampard led the Rams to the Championship play-off final last season - his first year in management.
"If Chelsea come calling, it's a difficult one for him to turn down," Redknapp, Lampard's uncle, told BBC Radio 5 Live.
"In my personal opinion, he'll be the manager of Chelsea.
"It looks to me like it's going to happen."
Redknapp says there would be little pressure on him.
"It's a no-lose situation unless he finishes outside the top six. Anything in the top six would be ok, but the Champions League would be a good season," he said.
"No one is expecting him to finish first or second, third maybe. If he makes the Champions League next year, he's going to be a success."