Chelsea are paired in Group H as they will face stiff competition from the likes of Valencia, Lille and Ajax.
And with their young players of Tammy Abraham, Mason Mount and Fikayo Tomori all playing a vital part in their Premier League games, Lampard has disclosed he has a lot of confidence in them to repeat the same feat in the Champions League.
"The target is clearly to qualify from the group," Lampard told a news conference.
"Obviously it's a tough group but I have plenty of faith in the young players and the ones who have never played in it who are at the moment in good form and have talent that will hopefully blossom in the Champions League as we go along.
"Always as a player, I thought of it as two parts, with the group part before Christmas. It's tough but if we can get through then it's up for grabs in the next part of the year. I'm confident as we should be but very aware of the dangers in a tough group.
"I haven't spoken to them in detail about that yet. We're meeting up tonight in the hotel so we'll have plenty of time to prepare and it is maybe worth a word or two on that because it is different.
"I would say the main thing I found as a player is your concentration and focus in every game has to be spot on, not to say you can get away with it in the Premier League.
"The higher level of player in the Champions League, the different style of game that can surprise you and teams that travel for these games can be fantastic on the counter-attack and hurt you in one second when you think you're controlling the game."
The Blues will host Spanish LaLiga side Valencia in their Champions League opener at the Stamford Bridge on Tuesday.
