Considered 5000/1 outsiders to win the title at the start of the campaign, the Foxes now sit in top spot on the table with a five-point buffer between them and second-placed Tottenham Hotspur with nine matches remaining.
"They are on the brink of something special. Even if they don't win the league, but get in the Champions League, that's an incredible achievement in itself," Lampard told the Daily Mirror.
"It's great for the Premier League. It couldn't happen in Spain, Germany or Italy.
"No disrespect to Leicester, but, if [Claudio Ranieri] takes a team like them into the Champions League, with the players they have, he deserves incredible praise."