Lerner admits the season has been a "frustrating" one, but believes the former Norwich boss needs time to implement the club's long term vision.
While not blind to the team's struggles, the Villa chairman stresses the rut his club currently find themselves in can change very quickly, and insists he will not be forced into making a decision he might later regret.
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"Fortunes can shift quickly in this game and a sense that one has it right can become grave doubt in a matter of a few games.
"The Villa board knew that with Paul [Lambert] we would begin to address the club's multi-year lack of competitive stability by reshaping the squad with seven new signings in the summer.
"It has been rewarding at times this season although certainly frustrating as well, particularly recently.
"During January, Paul and the board have discussed a variety of players [to strengthen the squad] although nothing has yet materialised," Lerner added.
"I know also this can be frustrating as fresh players always give at least a sense of progress and optimism.
"Finally, and on a very personal note, I would reiterate that Paul has achieved success at many levels of professional football and I believe, given support, he will continue to do so for us."
Lambert's side have an important clash with Newcastle on Tuesday in the Premier League, with the Magpies residing in 16th position, one point ahead of the Villans who sit 17th.