It has appeared the long-serving midfielder is on his way out of the club he joined from West Ham in the summer of 2001, with Chelsea unwilling to offer him a new contract.
Lampard has been heavily linked with the Los Angeles Galaxy, but Cech thinks he will have a case to ask for an extension to his expiring deal if he gives performances such as the one that helped Chelsea to a 4-0 win at Stoke on Saturday.
Cech said: "There are still six months to go until the end of the season so we will see whether he stays or not. I'm not a director but if he keeps playing like that he will keep asking about the extension."
If Lampard does leave Chelsea in the summer it is increasingly possible he will do so as the club's all-time leading goalscorer.
The England midfielder, who turns 35 in June, increased his tally to 194 with a penalty against Stoke, moving him clear of Kerry Dixon in second place and only eight behind record holder Bobby Tambling.
Cech said: "The team has changed, his age has changed, but he's still important for the team. He might not start every game or play every game but when he plays he plays well with his quality and experience, so this is something that is great to see.
"I've known him for a long time and he's been a fantastic player for the club, and he continues to be so."