Coventry were confirmed Championship title winners with victory over Wrexham on the weekend.
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"It is a massive challenge, right?" Lampard told reporters afterwards.
"We see with the amount of teams that go up and come back down, it's a big step, and to get any foothold in the Premier League is hard.
"We've got a lot of work to do. We'll do it quickly, and I think I feel like we have to do it quickly.
"It's the owner's choice a lot of these things because he's the boss man in the football club. But the conversations obviously have to happen quickly, but also enjoy this little moment."
Asked whether there will be time for a break, Lampard added: "For sure. I can do many things at once. I'll talk and holiday, not a problem."