Waghorn has been linked with Derby but, speaking after the Rams' 2-1 win over Wolverhampton Wanderers, Lampard stressed that he could not comment on a player currently on the books of another club.
"He's an Ipswich player and he's not someone to comment on," Lampard told Sky Sports News.
"It's not right to comment. I'm very pleased with what we've got here but if there are good [players available] then we will look at it.
"We may do more signings. There is time left and if we can improve then we will look at it. We have plans and if the right options come up then we will."
Waghorn scored 16 goals in 44 appearances in the Championship last season and has been valued by Ipswich at around £8m to 10m.