Terry has been linked with a mega-move to Premier League rivals Manchester City.
Lampard remains hopeful that Terry will stay at the club.
Lamps said: “I don’t know what he will do. I’ve been in John’s position and everyone at the club wants him to stay.
“I know what he’s going through. I had an option to leave last summer, to go with a manager in Jose Mourinho who I love.
“But it came to me at a time in my life that, maybe, just wasn’t right.
“But the situation made me think an awful lot. It wasn’t an easy decision and I don’t think people should criticise John.
“You can never take away what he’s done for Chelsea. He’ll always be a legend.
“I hope and I’m confident that, whatever happens, he will be considered a legend at the club.”
He added: “John’s a very honourable man and it doesn’t come down to money. I know John.
“I know he’ll be thinking about what’s the right thing to do as a player and for his career. No one should doubt that John Terry is a winner.
“This is not just about money, people shouldn’t try to make it that black and white.
“It’s understandable as it’s Manchester City who have come in, but it’s up to John what happens.
“I’m very proud each time I play with him and, as a club, you want to keep players like John Terry. It’s as simple as that.”
