The 34-year-old, who became Chelsea’s record goal-scorer in May, penned a new one-year deal earlier this week to end speculation surrounding the midfielder’s future.
Terry’s current contract is set to expire at the end of the 2013-14 campaign, and Lampard reckons the defender would be happy to commit to a new deal with the newly-crowned Europa League champions.
“I know JT will want to stay, he’s said he’d love to stay at Chelsea. He feels the same as me,” Lampard told the Sun.
“Why play anywhere else when you love the club you’re at? JT’s the captain of the club and does a brilliant job.
“At the start of next season, I think that’s when the club will take a view on it. I know what my view would be.”
Terry has been limited to 27 appearances for Chelsea this season with the centre-half out-of-favour under former interim manager Rafael Benitez.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news