The club captain was speaking via his personal Webstagram account in which he described himself as being "devastated".
Terry wrote: "Devastated is an understatement. We should retire the number 8 shirt in honour of Lamps."
|FRANK TO FIRE?
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The 32-year-old also paid tribute to his team-mate with a message, in hashtag form, that read: "#theheartbeat #hero #legend #hero #goalmachine #friend #ktbffh [keep the blue flag flying high] #cfc #chelsea."
Despite the pleas of numerous Chelsea fans, it looks as though the veteran midfielder will not be offered a new contract when his current one ends at the end of the season.
Lampard has spent 12 years at Stamford Bridge since joining from West Ham in 2001 and has won every major trophy with the club.
Terry attempted to play down the significance of his comments later in the day, writing: "I have seen Frank's agent's quotes on sky yesterday. That's all I'm going on - nothing more."
Those comments, which had seen the player's representative reportedly say Lampard would not be at Chelsea for the 2013-14, have since been denied by the player's agent.