The Blues have a new manager in Andre Villas-Boas, while he could be joined by further new players such as Tottenham Hotspur's Luka Modric.
That is restrained spending by their standards, with Manchester United, Manchester City and Liverpool all outspending them by some distance this summer.
Lampard, however, insists the lack of transfer activity at Stamford Bridge is a sign the squad are already good enough to compete once more.
"Manchester United, Liverpool and Manchester City have spent fortunes on good quality players, but we are in a bit of a different situation in that we already had a very strong squad," he said.
"The manager wants to evaluate what he has got which is understandable and who knows whether we add or change, that is the manager's prerogative, but the great thing we have already is we believe in ourselves as we are."