The 34-year-old's future at Stamford Bridge had been clouded in doubt, before recent rumours emerged of a potential contract extension.
Martinez, meanwhile, is another of Lampard's admirers and highlighted the invaluable role of experience in an environment of youth.
"Experience is a big word and it is very difficult, in football terms, to describe it," said Martinez.
"Experience in football is one of the most important ingredients in a successful team. You need it during a game so you know what to expect, how to affect that game.
"Experience allows you to get positive results when you play well.
"That is something that Frank Lampard brings - he knows when to make forward runs, he knows when to score goals, when to stop games and when to affect players around him.
"Experience is very important to have in a squad but you need a happy balance.
"You cannot have a too ageing squad and you cannot have too young a squad but experience without legs doesn't take you anywhere and you need that bravery of youth surrounding experience."