The 19-year-old has been one of the brightest stars for Mauricio Pochettino's men in what has been a fine campaign for the title challengers, and is being tipped by many as the future of England's midfield.
Clarke, who played seven top-flight matches for Arsenal in the 1990s, believes that Alli has all the attributes of Chelsea great Lampard, who played nearly 650 games for the Blues and won 106 England caps.
He told premierleague.com: "With seven goals and nine assists, 19-year-old Alli has to be considered one of the favourites to land this season's Professional Footballers' Association Young Player of the Year award. Delivering that kind of return in his first top flight campaign is seriously impressive.
"Operating in an advanced midfield role, either coming inside from the left or playing centrally behind Harry Kane, he is a constant menace inside the final third. The timing of his runs into the penalty box are reminiscent of Frank Lampard.
Alli works hard for the team but does not like to come too deep to get onto the ball. He demands it to feet, high up the pitch. The teenager's energy levels have also given Spurs a new dimension. It is fair to say Spurs' success owes plenty to their gifted new playmaker."
Having scored in his most recent appearance for England, a 2-0 win over France in a friendly international in the autumn, Alli looks set to feature for the Three Lions at Euro 2016 this summer.
Southampton legend Matt Le Tissier is amongst the players and pundits who have lauded the teenager as a future star for his country, with the 47-year-old claiming that Alli's link-up with Harry Kane should see him handed a regular starting role at international level.
Alli is in Roy Hodgson's squad for the upcoming friendlies with Germany and the Netherlands and could well start in at least one of those two fixtures.