The defending Premier League champions drew 1-1 with 2016 runners-up Atletico Madrid in their final group-stage fixture at Stamford Bridge on Tuesday night.
Eden Hazard’s deflected goal secured a point for the home side but Antonio Conte’s men finished behind Serie A giants AS Roma in the Champions League Group D.
The west London side could face La Liga leaders Barcelona and Ligue 1 giants Paris Saint-Germain in the first round of the Champions League knockout stage.
Chelsea could also draw Group G winners Besiktas after the Turkish club finished top of the group ahead of 2004 winners FC Porto, Bundesliga outfit RB Leipzig and French side AS Monaco.
Former Blues midfielder Lampard spoke about Chelsea’s potential opponents in the Champions League last 16.
“We shouldn’t discredit Besiktas because they performed very well in their group but obviously we’re all talking about PSG and we all know what Barcelona have to offer,” Lampard told BT Sport.
“Chelsea fans will obviously look at Besiktas.
“It’s a draw, who knows? And who knows where all these different teams will be in February? PSG have been flying but in February things could be completely different.”
Chelsea have won six of their last seven Premier League games to hoist themselves up to third place in the top-flight table.
The west London side are looking to win the Champions League for the first time since 2012.
Lampard was part of the last Chelsea team to win Europe’s top prize following a penalty shootout victory over Bayern Munich.
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