A youthful Blues outfit will have the task of toppling Germany's perennial champions, with the first leg to be played at Stamford Bridge on Tuesday.
Lampard added that his side had learned from watching Spurs lose 7-2 to Bayern in the group stage.
"The performance versus Tottenham was first class off the ball, the team is feeling strong and feeling focused but we have to deliver," noted Lampard.
"My job is to look at the opponent and see if we can find weaknesses there. I understand if people call us the underdog because the Bayern team is so strong and they have so much experience, but the underdog is there to change things around.
"We all love an underdog story and they are some of the best stories in sport. I am focused on what it is going to take to win these two matches [against Bayern].
"A big part of my job tomorrow is to explain to the players that over two legs we need to be at our maximum. We need every detail, every box ticked in both games.
"Bayern Munich are an incredible side with the ball. If we have to suffer without the ball we have to suffer, so that's our job over these next two games."