The 25-year-old made the move to White Hart Lane on deadline day, signing a four-year deal after Lyon and Spurs agreed a fee of around £12m for the goalkeeper.
The France captain was linked with a move to Spurs throughout the transfer window, but Lizarazu believes that he has not made the move up in his career, insisting that Andre Villas-Boas's side are "not a top European club".
"I imagined a club of a higher standing for Hugo Lloris," he said.
"For me, Tottenham is not more powerful than Lyon. The experience in England is necessary, but I thought he would go to a top European club.
"For me, Tottenham is not a top European club."
Lloris is expected to replace Brad Friedel as Spurs' number one goalkeeper.