The pair played alongside each other in his 13 years at the club and he scored 211 goals in 648 appearances and both won every major club honour in football.
Terry has previously called Lampard the best player he has ever played with and has gone one better.
“The GREATEST player in the history of our great football club,” Terry wrote on Instagram.
“All the great memories together winning trophy after trophy year after year I will never forget. You have won everything and should be extremely proud.
“It’s been my pleasure and honour to play and experience all those great moments with you.
“A gentleman both on and off the pitch, leader in the dressing room and if I could choose one person next to me in the trenches it would be you.
“A great dad to your two beautiful girls and I’m proud to call you my mate.
“Good luck for the future, whatever you choose to do will be a huge success. Love ya Lampsy.
“LEGEND HERO INSPIRATION + THE BEST EVER.”
Terry has put Lampard’s success down to his work ethic and admitted he longs to have his old team-mate back alongside him.
“The best trainer by a million miles every single day, inspiring me and everyone at the club,” Terry added.
“I miss you next to me in the dressing room and miss you grabbing a bag of balls after training when everyone went inside.
“You stayed out working on your finishing, 20 goals a year wasn’t good enough for you, every year you wanted 25, 30 goals.
“I love that about you. I will miss you getting four cones and doing sprints after training – setting the example for the kids in the academy.”