Terry announced on Monday that he would leave Chelsea when his contract expires at the end of this season, ending a celebrated career-long association with the club.
The 36-year-old has been reduced to a bit-part role under Antonio Conte this season but, alongside Lampard, he was the fulcrum of teams that collected the Premier League title in 2004-05, 2005-06 and 2009-10.
A fourth top-flight crown followed in 2014-15 and Terry has also won five FA Cups, three EFL Cups, the UEFA Champions League and the UEFA Europa League.
Lampard, who went on to brief spells with Manchester City and MLS side New York City after leaving Chelsea, announced his retirement earlier this year.
In an Instagram post dedicated to Terry, he wrote: "The last man standing of an incredible era for Chelsea. What a pleasure to play with the greatest defender in Premier League history.
"In fact, I'd put him up with any defender in world football of any era. He led the club both on and off the pitch from the moment he made his debut. He set standards for everyone, whether it was demanding excellence in training, fighting for every win or respecting how fortunate we were to play for such a great club.
"He was, and is, a legend, not just for his talent but just as much for his desire to get the best out of himself and others around him. That's what made him the most successful captain in the club's history.
"Off the pitch a great friend, to not just me but so many at the club and outside of it. The countless things I've seen JT do to help people outside of the game, things that not many see, are what defines him as a man."
Chelsea are four points clear of Tottenham at the top of the Premier League, who they face in the semi-finals of the FA Cup on Saturday, and Lampard wants to see his old friend round off his Stamford Bridge career in a blaze of glory.
He said: "You deserve every accolade you get over the next weeks and beyond and I hope you get what you deserve and lift two massive trophies at the end of the season (just to add to the tally).
"Whatever you do next I know everyone will respect your decision and I know that the Chels will always be your club. Absolute respect."