The 25-year-old was named as the club’s sixth signing on a Premier League average of 3.73... and now he has an ambition to fulfil.
Simon, from Gosberton Risegate, said: “I have been watching Peterborough speedway at the Showground since I was about four or five years old and it has always been a dream to ride for the Panthers.
“ I did some mascot rides round the track when I was about nine or 10, and then did the odd guest booking in the team over the past few years.
“Now to be offered a team place and be part of the Peterborough Panthers set up next year is amazing and I am really looking forward to the start of the season in March.”
Lambert rode for Workington in the Premier League last year and had a 570-mile round trip just to ride a home meeting.
Lambert caught the eye of new Panthers chief Ged Rathbone with some high-scoring displays towards the end of the 2014 past season.
Rathbone said: “I went to a few meetings at Workington and it gave me a chance to have a good look at Simon’s performances and they were very impressive.
“Simon has experience and knowledge of Premier League Tracks and we see 2015 as a season in which he can kick on.
“He is a rider who is capable of putting a point on his average if everything goes to plan. “
Lambert added: “(next season) is going to be an important year for me and I need to stay injury free and have a good season.”