The Blues have signed Timo Werner, Hakim Ziyech, Ben Chilwell, Kai Havertz and Thiago Silva this summer as they look to make up ground on the likes of Liverpool and Man City.
The additions mean some members of Lampard’s squad will see their game-time cut this season and Merson says keeping the entire squad happy will be a major ‘worry’.
Despite this concern, the former Arsenal and England star still expects Chelsea to impress this season and says they could emerge as Premier League title contenders.
‘Chelsea will be right there,’ Merson told Starsport. ‘They have done some great business and if they finish above Liverpool, I wouldn’t be shocked.
‘Chelsea have the firepower to challenge. They will score goals, and Thiago Silva will make them stronger at the back.
‘People say trying to make up the 33-point from last season is too much. Forget about that. It’s a new season. It doesn’t work like that.
‘Look at Leicester. Where did they finish the year before they won the title?
‘The worry for Chelsea is keeping all their players happy with all those new signings. Who’s going to play? The pressure’s on Frank Lampard now.
‘Did anybody else really want the job when he got it? They had just sold Eden Hazard. Couldn’t buy players. Now, he’s got to produce.’
Chelsea have spent around £250m on their new signings this summer but Lampard has attempted to manage expectations ahead of their first match against Brighton on Monday evening.
‘I’m not interested in other people; other people can talk about whether we challenge for the title or not,’ the Blues boss said.
‘For me, we finished a lot of points behind Liverpool and Manchester City in the last two seasons, as has everybody else, that’s the way that the league has gone.
‘So we have to first look at closing the gap, and build confidence, by getting the team working well together. I’m not jumping ahead and making any predictions on us.’