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The 61-year-old won 20 of his 49 matches in charge of the Sky Blues as he twice contributed towards the club retaining their Championship status.
Dowie played alongside Lampard at West Ham United during the mid to late 90’s in the Premier League.
And Dowie believes keeping Coventry in the Premier League this season would lead to the Sky Blues boss having a big future in management.
Speaking to BOYLE Sports, who offer Premier League odds, Dowie said: “I saw Frank Lampard grow up at West Ham. When he was just coming through, his unbelievable hard work turned him into one of the best attacking midfielders I’ve ever seen.
“What I think is that he has spent some serious money at Coventry and they haven’t been as free-scoring as they were before that.
“But that just shows you the gulf in class between the Championship and Premier League.
“I think he’s recruited quite well. If Frank Lampard keeps Coventry up this year, and I have a feeling he will, he has a big future and can go a long way in the game. He’s fastidious about everything, his attention to detail is fantastic.
“You look at his signings, Caleb Yirenkyi is a good one, I like Carl Rushworth, we’ll see about Sidiki Cherif, and he’s brought in Loum Tchaouna from Burnley. A lot of money has been spent.
“When I was managing in the Premier League, we drew one of our first seven games and lost the rest, so I know how important it is to start as well as you can.
“But Frank Lampard has a big future.”