"What a great move for Frank Lampard. What a great move for Derby County!," Redknapp writes.
"I'm really excited to see Frank appointed as Derby manager and I'm already looking forward to going to Pride Park to see what style of football he plays and the success he can have there."
Lampard will take his first steps in management with the Rams, joining the club on a three-year deal.
"The question is whether Frank can be the person to wake it up and take Derby back into the Premier League. A lot of people have tried and failed there. The owner, Mel Morris, has got through a lot of managers in the process. So Frank is going to need time to get it right," Redknapp continued.
"If they [Lampard and Jody Morris] are given space and time to get on with their job then I think there could really be exciting times ahead for both Frank and Derby," the Englishman concluded.