The 34-year-old England international's contract at Stamford Bridge expires in June, with both player and club remaining tight-lipped over his long-term future, and reports in Italy suggest Serie A clubs Inter Milan and Juventus could bid for his services.
Interim Chelsea manager Rafael Benitez insists Lampard has a role to play for the rest of the current season but the veteran midfielder could well end his 12-year association with the London club in July.
Should that happen, Italy playmaker Pirlo, who won the Scudetto with Juve in 2012, would like to see Lampard line up in Bianconeri colours.
"They would be mad to let him leave Chelsea, he's still one of the best in the world,” he said.
"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 for £11million from West Ham in 2001.
Chelsea fans made their feelings clear over Lampard's contract situation as they chanted "sign him up" when he came off the bench in a 5-1 FA Cup win at Southampton on Saturday.