Bale left Spurs for Real Madrid in 2013 for a then-world record fee of €100milion (£85m) and he went on to enjoy huge success in Spain.
But the past few years have been tumultuous for the Welshman and he finally appears set to leave Madrid in favour of a return to Spurs, having already arrived in London to complete a deal alongside Sergio Reguilon, a team-mate of his at the Santiago Bernabeu.
Bale developed into one of the Premier League's best players during his first spell with Spurs, during which time he regularly played against Lampard.
And, presuming the deal goes through without a hitch, Lampard believes Chelsea's potential top-four rivals are getting one of the world's finest players.
"Gareth Bale is an incredible player, an incredible individual talent who we remember very well from his Premier League days and the successes he's had at Real Madrid," Lampard told reporters on Friday.
"If he does go to Tottenham, which I keep seeing is going to happen, then I think he'll be a big addition to their squad.
"Of course, they've got very good individuals at Tottenham, they're a team that's expected to challenge in the Champions League places and above.
"They have fantastic individuals and if they get Gareth Bale they'll have another for sure. He's one of the best players in the world in my opinion over the last four or five seasons."