The 20-year-old joined the Blues on Wednesday after protracted talks and while Lampard admits he himself does not know much about the former Internacional man, he is encouraged by reports from the club's Brazilian contingent.
"Oscar, to be honest, I don't know too much about," Lampard told reporters. "All of the reports that I'm hearing is that he's very good. That he's a fantastic talent.
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Speaking after Chelsea's defeat to the MLS all-stars, the 34-year-old also discussed Tim Cahill's move to the United States, insisting the Australian has the tools to succeed with New York Red Bulls.
"Tim Cahill is a very very good player," Lampard added. "I'm sure he will be very successful in MLS because he's a natural footballer and a natural goalscorer from the midfield or an attacking position.
"It's a good move for him and I think he'll enjoy it."