Lancaster left his role as England coach after the Red Rose's disastrous showing at the 2015 World Cup and spent a year travelling the world to study different training techniques.
He was appointed as senior coach in September 2016 and has helped the Irish province to the final of the Champions Cup where they will take on Racing 92 in Bilbao on Saturday.
There have been rumours that Lancaster could move back into the international game with Ireland if Joe Schmidt decides to step aside after the World Cup but, having formed a superb coaching partnership with Leo Cullen, O'Driscoll sees the Englishman staying with Leinster for some time yet.
"He's been exceptional," he told ESPN. "They [the players] have been totally lauding him, his variety of training, his rugby intellect, both defensively and in attack. I think what Stuart's really enjoyed is that he's gone back to doing what he loves doing, which is with a tracksuit on and coaching every day.
"With the England role he wasn't given the opportunity to do that maybe as much as he was in his coaching roles prior to that. That's what he thrives on and that's what he is best at."
He added: "Leo and Stuart are quite happy in the roles that they are in at the moment. I think they see the quality of side that they have and there's definitely the scope to be competitive at the business end of the season for many years to come.
"So, maybe they won't be in a massive rush to jump into a new role."