The Rangers boss expressed his disappointment that his former England team-mate had been axed by the Blues after 18 months in charge.
Gerrard said: "Obviously I'm gutted for Frank, he's an ex-team-mate of mine, someone I respect greatly.
"But knowing the guy, he will be back in no time. He will dust himself down and get back involved. He will use this time to spend with his family. He's obviously got a young family and one on the way.
"I'm disappointed for him. I thought it was a very swift exit on the back of a positive result at the weekend (3-1 win in FA Cup.)
"But I don't know the details. I don't know how it's been for him, I don't know the relationships that he's had inside the club."
Gerrard added that Lampard's exit was "no surprise" given Chelsea's notoriously ruthless approach to sacking managers.
He said: "I did think it was an opportunity for Chelsea to really reach out and support him during this tough period rather than do what they have done.
"But Chelsea have got history for that so it was no surprise."
Lampard took to social media to give his reaction to his dismissal and laments that he wasn't given more time at Stamford Bridge.
He wrote on Instagram: "It has been a huge privilege and an honour to manage Chelsea, a club that has been a huge part of my life for so long.
"Firstly, I would like to thank the fans for the incredible support that I have received for the last 18 months. I hope they know what that means to me.
"I am disappointed not to have had the time this season to take the club forward and bring it to the next level."