I am using FPGA 3.3 V outputs to drive 16x4 character LCD (5 V). I went through the data sheet 74LS245 and found this can be operated at Vcc 5 V and accept input voltages from 2 V. I am confused because data sheet has not mentioned the output voltage up to 5 V, will this IC suitable for my application?
It does mention it. Search for VOH You will find that it is inadequate: It will only guarantee that VOH is above 2 volts under worst condition, and above 2.7 volts under "good" conditions.
Typically you'd want to take a look at the 74HCT245. It has a higher guaranteed output but a 2 volt input threshold even when driven at 5 volts.