The 30-year-old was a January target for the Toffees as they look to improve their goal-shy frontline, but it has emerged in recent days that he is on the cusp of completing a switch to the London Stadium instead.
Coincidentally, Ings could now come up against Everton in the Premier League on Saturday should his move be signed off in time.
Asked about his threat, Lampard said: "He's a fantastic striker, a really, really good striker.
"I've always had a lot of admiration for him as a player and a player. I can't say I know him that well but he seems a real team lad.
"So, of course, he's someone we'll have to be very aware of because he's a top striker."
After missing out on Ings, Everton remain in the market for a striker, though Lampard conceded that getting a deal over the line might not be easy.
He added: "We absolutely want to help the squad, I've said it a lot, we want to make the squad stronger.
"And we're aware that everyone's trying to do the same thing and teams around us are working on their squads and getting competition in forward areas.
"We know we need more competition, a more clinical nature about us at the top end of the pitch. That's a reality that we have to understand and we have to try and improve it.
"It's not an easy window, that's clear, and people are working towards trying to bring in players. I, as coach, will be the first person to know that we need to help it."