The England international will be out of contract this summer with a move to Italy mooted amid reports Serie A giants Inter Milan and Juventus could be interested in signing him.
Lampard, who turns 35 in June, has been with the Blues for 12 years and Juve star Pirlo told Tuttosport: "They would be mad to let him leave Chelsea.
"He's still one of the best in the world. If he wants to play in Italy I would welcome him to Juventus with open arms.
"Lampard could have another four years at the top in Italy."
Lampard has made 576 appearances and scored 193 goals in all competitions since joining Chelsea from West Ham for £11m in 2001.