Alli has shone for Tottenham over the last two seasons since his £5million move from MK Dons.
He has become a regular in the England side and helped Spurs qualify for the Champions League last term.
Lampard admits he can see similarities of himself in Alli and is particularly impressed with the runs and finishing ability of the 21-year-old.
“I think I played deeper, I think a while ago now he got moved behind Harry Kane because simply his runs are too good,” Lampard said on BT Sport.
“His ability around the box and his knack of getting in the right place was too good and they link so well together.
“This season he’s played up there quite high, then he’s dropped back into midfield.
“He hasn’t found that consistency of what he found for the second half of last season.
“In terms of young players in world football, his runs and timing and obviously his quality of finishing, is up there with anybody.
“That run against Manchester United at the weekend, the finish was a let down, but the run is something you can’t quite teach.
“I see those angled runs I tried to make.
“I always tried to make runs behind defenders not he angle because the defenders were sometimes marking and don’t see that angled run behind.”
Alli has scored three goals in 10 Premier League appearances for Tottenham so far this season.
He scored the opening goal for Spurs in the Champions League against Real Madrid tonight.