The winger, who ruptured his Achilles against Burnley in April, played an hour for Chelsea’s U23s on Friday night and has been back in training for nearly three weeks.
While a first start is likely to come when the Blues host Grimsby in the Carabao Cup the following week, Lampard is ready to call on the 18-year-old for the Champions League opener on Tuesday should he make a good case in training.
"I spoke with him this morning. He’s not far off," Lampard said following Saturday’s 5-2 victory at Wolves.
"We have to be careful because it was a big injury and what we’ve done is actually got him back out on time but we have to make sure the strength is right in the area, because that could lead to other injuries if we go too soon.
"The way he played [on Friday], I think he’s not far away. He’s been training with us now for two or three weeks. We’ve got the Carabao Cup coming the midweek next and that will maybe be an opportunity to look at players who have been injured or different options.
"In between, if players, if Callum, shows this week how good he is in training I’ll have to consider him probably from now on."
Hudson-Odoi will be hoping to add to the success of Chelsea’s academy graduates this season.
Tammy Abraham’s hat-trick, as well as goals from Mason Mount and Fikayo Tomori at Molineux meant that all 11 of Chelsea’s league goals have been scored by players from their academy.