Chelsea are chasing Bournemouth defender Nathan Ake and and CSKA Moscow striker Fedor Chalev in the January transfer window. The Blues had their transfer ban lifted by the Court of Arbitration for Sport earlier this year and will be able to make signings over the coming weeks.
Lampard was unable to sign any players last summer after FIFA banned Chelsea from making transfers because of indiscretions relating to the recruitment of foreign minors.
But heading into January, the Blues will be able to strengthen their youthful side.
Multiple reports suggest that Chelsea are after a forward, with Timo Werner, Wilfried Zaha and Jadon Sancho as options.
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“There has also been a lot of speculation on Jadon Sancho of Borussia Dortmund too - a player most clubs in Europe also want to sign."
Lampard has spoken about his intentions in the January window as well, stating that he’s happy with the squad he’s got - but that the club will look to strengthen.
"I think you've got to be careful about being too reactionary," said Frank Lampard.
"Just as much as people at the start of the season who were saying we've got all these young boys, this is going to be no problem, we don't need any players.
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"I think at a club like Chelsea, there needs to be a balance. You have a strong squad which I believe we have but you have to look at can we strengthen.
"And there will time times going forward, whether it's January or next summer, of course we're going to look at an opportunity to strengthen because we want to improve."