Lambert is believed to be surplus to requirements, with Wolves thought to be lining up a successor before they announce they've sacked the 47-year-old.
In the meantime the club remain silent last night with no sign of an announcement.
Record goalscorer Bull believes Lambert should be given more time to build a squad and a team in his image.
"I'm a bit shocked to be fair," he said of recent developments.
"Last year was a difficult one – the new owners can in, managers came in and out, owners, players came in and out.
"Things just seemed like they were starting to settle.
"Me personally, a few people have said they didn’t want him, but for me he’s a British manager who’s done it in the Championship and knows the league inside out.
"You need to give him the players he wants and we’ll assess it next season.
"You’ve got to give these guys time."
If and when Lambert goes he'll be the third head coach Fosun have sacked in 10 months. Wolves spent £27million last season but finished on the same points total as in 2015/16, finishing 15th.
Bull added: "You cant buy a side – you have to make a side
"We’ll see where they go now but in my opinion you need an British manager who knows the league.
"And after a season of upheaval and transition the club needs stability, the manager needs his own squad who knows who he wants to play week in week out.
"Andreas Weimann and Ben Marshall were clicking, Jordan Graham's back, you could see some positives
"At this time of year you want to be signing players but there's a bit of limbo now.
"We went through it last year, albeit later in the summer, but it'd be nice to know who's in charge so we could get some signings in as early as possible otherwise you risk missing out on players.
"If they appoint someone else they'll be getting the videos out to assess the current squad as they're all on holiday and it risks another upheaval.
"They should be giving Lambert the money and letting him have a go."