Bale is set to join Spurs on-loan from Real Madrid.
Lampard said: “Gareth Bale is an incredible player, he is an incredible individual talent that we remember very well from his Premier League days at Tottenham.
“We have seen from afar the incredible success that he has had at Real Madrid and if he does come to Tottenham which I keep seeing will virtually happen soon then he is going to be a big addition to their squad, of course.
“Of course, they have got very good individuals at Tottenham. They will beat teams and be expected to challenge in and around the Champions League places and above.
“They have fantastic individuals and if they get Gareth Bale, they will have another one for sure. He is one of the best players in the world, in my opinion, over the last four or five seasons."