Lampard scored his 200th Chelsea goal in Sunday's Premier League defeat of West Ham to move within two of Bobby Tambling's club goalscoring record.
Terry told Chelsea TV: "You talk about the [Gianfranco] Zolas and the best players to have played at the club, but for me he [Lampard] is the best.
"We all love him, we'll all be pushing for him to reach the record."
Only Manchester United's Ryan Giggs compares to Lampard in the Premier League era, according to Terry.
The Blues skipper added: "You can only single out two players to play consistently well and to score goals over the course of the last 10-15 years and that is him and Ryan Giggs.
"It's incredible, to see the number of goals he's scored at such a high level as well - Champions League goals, Premier League goals - and the hunger.
"He is an example to all the players here."
The future of Lampard, who is 35 this summer, is uncertain, with his current contract scheduled to expire at the end of the season following 12 years at Stamford Bridge.
"It's incredible, season after season to do what he's done," Terry added. "Let's all hope he goes on and beats the record."