Lampard's nearly 19-month spell as the manager of Chelsea came to an end on Monday afternoon after the club announced that the former England international had been relieved of his duties with immediate effect.
The announcement came less than 24 hours after the Blues recorded a 3-1 FA Cup victory over Luton Town and is widely expected to be followed by announcement surrounding the appointment of the 43-year-old's successor, which is widely believed to former Paris Saint-Germain boss Thomas Tuchel.
Chelsea's decision to part ways with a club legend of Lampard's stature has not gone down well in many quarters, with a number of former players voicing their discontent and the manner in which he was dismissed.
"Reports that Frank Lampard will be sacked by Chelsea today," he said on Twitter. "Utterly ludicrous after his first bad run. It was always going to need time given so many new signings feeling their way into a new club. Patience being a virtue is seldom recognised in this sport. They never learn."
Lampard's former manager Harry Redknapp also criticised the decision and highlighted Manchester United manager Ole Gunnar Solskjaer's turn in fortunes in support of his argument that the former midfielder should have been given more time.
"It's very disappointing to hear the news this morning," Redknapp told talkSPORT. "On the back of a good result, beating Luton in the FA Cup, I thought they'd give him a bit of time.
"I thought [Ole Gunnar] Solskjaer was sure to go, no way he was going to survive, but Manchester United gave him a bit of time and suddenly they have a little run and turn it around. Everybody goes through bad spells. Jurgen Klopp is going through one now at Liverpool, Mikel Arteta is going through one at Arsenal as well.
"People need time. Losing four or five games doesn't suddenly make you a bad manager! Surely you've got to have more faith in people rather than giving them that knee-jerk reaction..."
In his column for Sky Sports, former England forward Paul Merson added, "As a Chelsea fan, I find it a bit disappointing decision. You have to give Frank Lampard a chance. He pulled up trees last season to get them in the Champions League, and they are still in the competition this season..."