The former Chelsea FC star has been linked with the managerial job at Stamford Bridge amid the uncertainty about Maurizio Sarri’s future at the west London club.
Lampard has only just completed his first full season in management after having led Derby County to the Championship play-off final, where they lost to Aston Villa.
The former England international would likely be the least experienced manager on Chelsea FC’s shortlist in their potential search for a new boss.
However, Saunders believes that Lampard should take the chance to move to Stamford Bridge if given the opportunity – despite his relative inexperience as a manager.
Speaking in an interview with talkSPORT as quoted by the Daily Express, Saunders said: “I’ve been speaking to a lot of Derby fans who really like him and don’t want him to leave.
“But you don’t get the chance to be manager of Chelsea very often. Football’s fickle, so take the job.
“On your point about that it will come back round for Frank – not if he gets sacked a couple of times at other clubs.
“Steve Bruce was obviously being lined up to be Manchester United manager all his career – never got there.
“Ideally he could have five seasons at Derby and then take the Chelsea job, so you’ve learnt and learnt and learnt, you never stop learning.
“But when it comes along you’ve got to grab it.
“You’re never ready because when you’re managing things happen every day that you’ve never seen before.
“You never stop learning when you’re managing, so when will he ever be ready?
“If you get offered the Chelsea job right now, Frank, he has to take it.”
Chelsea FC enjoyed a decent first season under Sarri after he led them to the League Cup final, a third-place finish in the Premier League and the Europa League title.
Meanwhile, Eden Hazard was officially unveiled as a Real Madrid player on Thursday after completing his big-money move from Chelsea FC to the La Liga giants.
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