The Blues boss is eagerly waiting for the group stage draw for the competition.
Lampard knows that his side's performances in Europe will play a big role in how he is judged by fans, pundits and his superiors alike.
"It's a big challenge for us as a team," Lampard said to reporters ahead of the draw.
"We know that with the difficulties of the ban and where we're at. But it shouldn't take away from the great challenge that it is to try to do well in [the Champions League].
"I think the English teams are strong at the moment and I hope that continues, because I think that's great for us in England and the Premier League."