Alli, who turns 21 on Tuesday, has a combined 40 goals and assists – 25 more than Lampard had done by the time he reached that age.
He is also clear of Paul Scholes by 26, Steven Gerrard (27) and David Beckham (28), and the former Chelsea and England star is convinced Tottenham have unearthed the homegrown star of the future.
Lampard said: “Dele Alli is a special player. He’s better than me when I was 20, that’s for sure! He is like a second striker at the moment, but that makes sense with the way they play.
“He scores goals like he did against Watford, but he’s also in the six-yard box scoring. Too many attacking midfield players get to the penalty spot and stop, don’t go that extra mile.
“We talk about Hazard being the best player in the league, I don’t think Dele Alli is that far away from him.”
Lampard scored 177 Premier League goals, a record for a midfielder, and thinks Alli, who has 26 already, is on the right track.
“Could he score more than me? He could do. Of all the midfield players I’ve seen who scores goals, he’s the one who is the best at it.”
Alli’s boss, Mauricio Pochettino, has paid tribute to Spurs chairman Daniel Levy for backing his masterplan.
The Argentine is on course to become the first White Hart Lane manager to steer the club into the Champions League in successive seasons.
Levy poached Pochettino from Southampton three years ago and, despite an uncertain start, the pair have combined to transform the club’s profile.
Pochettino, who has still not given up on the title, said: “My feeling is that we had a difficult relationship at the beginning but we have built a very strong relationship.
“For me he deserves a lot of credit. Tottenham is growing up and the fact that I am here was his decision.
“If I am doing well today, it’s because he believed in me and he brought me here. For me he deserves full credit for all that’s happening today in the team.”
The north Londoners finished fifth in Pochettino’s first season. Last year, however, they launched a title challenge before finishing third behind Leicester and Arsenal.
This year Spurs have been the most serious challengers to Chelsea with the pair five points clear of the chasing pack. They will play their Champions League games at Wembley next season before moving into their £800million new stadium at the start of the 2018/19 campaign.
Pochettino added: “The club on the financial side is one of the most healthy clubs in the world. The facilities we have for training are among some of the best and the new stadium will be one of the best in the world.
“I think he deserves a lot of pride and great credit for all that’s happening today at Tottenham.
“It’s true we are working hard and we have settled our philosophy, but I think he deserves to be proud for all our fans.
“Our relationship is very strong now. I trust in him and I hope he trusts in me too and we’ll see where we can arrive.”