Former Italy boss Conte has now won four successive domestic titles as a manager after his triple success at Juventus between 2012 and 2014.
Conte's future at Stamford Bridge remains far from certain, though, with Inter Milan reportedly coveting the 47-year-old.
The ex-Juventus midfielder is likely to be offered a new contract at Chelsea, 12 months into the three-year deal he signed on joining last July.
And Lampard, who won three Premier League titles with the Blues, believes the Italian has all the ingredients to lead the club to lasting success should he stay.
Asked if he thought Conte could go on to build a dynasty, former Chelsea midfielder Lampard said: "I think so.
"If you're a Chelsea fan that's what you're hoping for now
The way he's held himself this year and the results have been different class.
"I think he's going to be backed, and he does need backing
It's a great squad of players they've got there
Maybe a freshen up, don't lose your best players and add one or two at the top end."
Lampard, who left Stamford Bridge in 2014 to join Manchester City, claimed Chelsea were deserved champions but warned they might find it tougher next term.
Speaking to Sky Sports after Chelsea's 1-0 win against the Baggies on Friday, Lampard added: "They are by far the strongest team this year.
"The consistency, the desire, the quality in the team - they deserve it, and they deserve that moment with their own fans.
"It will be a big test next year
The formation they play won't be a surprise for anybody and all the other teams behind them will be back stronger."
Lampard, Chelsea's record goalscorer, won his three titles alongside club captain John Terry - who will leave the club this summer after a 19-year career at Stamford Bridge.
Former England captain Terry has now won five Premier League titles and Lampard suggested the 36-year-old's influence will be tough to replace.
"If he's going to leave this is the year to do it," said 38-year-old Lampard.
"He hasn't played a huge part on the pitch, but the part he's played behind the scenes, I know for a fact, once he goes, everyone will appreciate him even more.
"Someone has to take the mantle now
He's such a big miss for them
Gary Cahill, maybe he'll step up even more now, but John Terry is so important for this club."
Source : PA
Source: PA