The Blues are currently on the lookout for a new manager after having parted company with Maurizio Sarri earlier this month to allow the Italian boss to move to Juventus.
Lampard has been strongly linked with the vacant job at Stamford Bridge despite his relative inexperience in the dugout.
The former Chelsea FC midfielder has only one season of managerial experience under his belt with Derby County, but that has seemingly not put the Blues off.
It remains to be seen whether Lampard will indeed be selected as the man to lead Chelsea FC forward, but former Newcastle United star Shearer seems to think that he would be a great appointment.
Writing in his column for The Sun, Shearer said: “Frank Lampard is exactly who Chelsea need right now. I think he would be a very good appointment as manager and I understand why owner Roman Abramovich would want him,” Shearer said on his column for The Sun.
“Because of their transfer ban, Chelsea are in a tough situation. They are finally going to have to bring some of their youngsters through and use some of their players coming back from being out on loan. And Frank Lampard will know a lot of them better than most.
“In fact, he managed two of their most promising prospects at Derby last season — Mason Mount, 20, and 21-year-old Fikayo Tomori. He had a very decent first year of his managerial career.
“He just failed at the final hurdle in the Championship play-off final but he did very well to get Derby there. And for him, I think the Chelsea job is almost impossible to turn down.
“If or when it happens, it will be the proudest day of his life. Yes, it is a risk, but you tell me a job that isn’t? Every manager I speak to says the same sort of things.
“They are having problems with the owner or the chief executive, or it is not the same job that was given to them when they first agreed to take it. From that perspective, any job Frank left Derby for would be a risk.”
He added: “People will also be quick to judge Frank and will be ready to say great players don’t always make great managers. And while that is true, you can tell Frank has all the attributes to be a successful manager.”
Chelsea FC will play in the Champions League next season after the Blues finished in third place in the Premier League last term in what turned out to be Sarri’s one and only campaign in charge.
The west London side also won the Europa League after having beaten Arsenal 4-1 in the final in Baku last month.
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