He won the 2012 Champions League, four Premier League titles, five FA Cups, three League Cups and the Europa League with Chelsea.
Lampard, who was capped 106 times for England, is Chelsea's all-time top goalscorer with 211 goals in over 400 appearances in all competitions.
"The last man standing of an incredible era for @chelseafc," Lampard wrote on his instagram account. "What a pleasure to play with the greatest defender in the @premierleague history.
"He led the club both on and off the pitch from the moment he made his debut.
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"He set standards for everyone, whether it was demanding excellence in training, fighting for every win or respecting how fortunate we were to play for such a great club."
Terry has started only four league games this season under manager Antonio Conte as the London outfit lead the league standings, four points clear with six games to play.
(Reporting by Hardik Vyas in Bengaluru; editing by Sudipto Ganguly)
