The England international looks set to leave the Blues this summer after failing to agree a new deal at Stamford Bridge.
However, Lotito has ruled his club out of the running for the 34-year-old, insisting that they are a club that prizes a collective team spirit above big name individuals.
“We think first of the group and we are a cohesive group,” he told reporters.
“This team does not depend on individuals [such as Lampard]. We do not go back [into the market] for shock effect, but for men.
“We train not only the physical part of the players, but also the mind and spirit. This is a cohesive group that makes me proud.”
Vladimir Petkovic’s side recently reached the semi-final of the Coppa Italia after beating Catania 3-0 and Lotito praised the attitude of the team and believes the side is good enough to win Serie A this season.
“It’s important to show that we are there, this is a team that has proven its worth in terms of attitude and we have the potential to deal with everyone. This Lazio team can compete with Juventus.”
Lazio currently trail Antonio Conte’s side at the top of Serie A by five points at the half-way point of the campaign.