Iwobi previously credited Lampard with reviving his career during their spell at Everton, but the Coventry boss has played down his role in the Nigerian international's development, insisting that the midfielder deserves most of the credit for his progress.
"Resurrecting seems too strong, but I'll let him say those words because he was always a good player," Lampard said, as reported by All Nigeria Soccer.
The former Chelsea midfielder also highlighted Iwobi's ability to perform in different positions, describing him as a player capable of making an impact regardless of the role assigned to him.
"Alex could play any role and play at a really high level," he added.
Lampard, who worked with Iwobi during Everton's battle to avoid relegation, believes the midfielder's qualities were evident during their time together and was equally complimentary when asked where the Nigerian ranks among the players he has coached.
"I wouldn't take so much credit because a lot of the work was done by him," Lampard explained.
The comments underline the midfielder's importance to Fulham, where his adaptability has made him a valuable option across the midfield.
Iwobi also heads into the weekend after opening his scoring account for the season, finding the net in Fulham's 1-0 victory over Hull City last weekend.
His performances for the Premier League outfit have also reinforced his value to the Super Eagles, with the 29-year-old continuing to provide quality and flexibility in midfield.
Iwobi will now have an opportunity to build on that momentum when Fulham face Coventry City on Saturday, with Lampard's side aware of the threat posed by a player he rates so highly.
Bradley Barcola is available for Liverpool's Premier League meeting with Brighton at Anfield on Sunday, but Dominik Szoboszlai has been ruled out as the Reds continue a demanding run of fixtures.
Arsenal manager Mikel Arteta could hand Max Dowman an increased role in the first team after Bukayo Saka was ruled out for up to eight weeks with a quad injury.
Manchester United head coach Michael Carrick will be looking for an immediate response when his side host Bournemouth at Old Trafford, after their humiliating Champions League defeat to Como.
Oliver Glasner has praised Nottingham Forest's determination after they were held to a 1-1 draw by Ipswich Town, insisting his team had created enough chances to take all three points.
