The Blues secured a spot in the final of the European competition after drawing 2-2 with Barcelona on Tuesday, but Terry will miss the final after receiving a red card for a challenge on Barca striker Alexis Sanchez eight minutes before the break.
"I'm gutted for him because everyone knows how much Chelsea is in his heart. On TV, it looks a bit worse than what it was," Lampard told The Mirror.
"I don't think there's any real malice in it. I know John more than anything will want to be involved in that final. So, if we win it - or whatever happens on the day - John will be right there with us all, and he'll be celebrating if we win it."