Lampard said: "Manchester City are obviously going to be strong with a manager [Manuel Pellegrini] who has credentials and a big squad that they have already improved in the summer.
"Man Utd? I have great respect for David Moyes and we know their squad is already up there. All we can do on that front is worry about ourselves.
"Our squad is already fantastic, it's young and getting better as we go along. The manager coming is obviously a great strength for us and the few signings we've made and the few more we will potentially make, will make us even better."