Lampard has been tipped by many as the favorite to former Chelsea manager, Maurizio Sarri.
The Premier League legend said that Lampard would be a very good appointment as manager.
Speaking in an interview with the Sun, Shearer said:
Frank Lampard is exactly who Chelsea need right now. I think he would be a very good appointment as manager and I understand why owner Roman Abramovich would want him.
Because of their transfer ban, Chelsea are in a tough situation. They are finally going to have to bring some of their youngsters through and use some of their players coming back from being out on loan. And Frank Lampard will know a lot of them better than most.
In fact, he managed two of their most promising prospects at Derby last season — Mason Mount, 20, and 21-year-old Fikayo Tomori. He had a very decent first year of his managerial career.
He just failed at the final hurdle in the Championship play-off final but he did very well to get Derby there. And for him, I think the Chelsea job is almost impossible to turn down.
If or when it happens, it will be the proudest day of his life. Yes, it is a risk, but you tell me a job that isn’t? Every manager I speak to says the same sort of things.
They are having problems with the owner or the chief executive, or it is not the same job that was given to them when they first agreed to take it. From that perspective, any job Frank left Derby for would be a risk.
People will also be quick to judge Frank and will be ready to say great players don’t always make great managers. And while that is true, you can tell Frank has all the attributes to be a successful manager.