Chelsea's young guns are impressing as Tammy Abraham, Mason Mount and Fikayo Tomori continue to shine and the very highly-rated Hudson-Odoi, who is wanted by Bayern Munich, could soon be added to the mix.
The 18-year-old England winger played an hour for Chelsea's Under-23s on Friday as he battles back from an Achilles injury and Lampard says a first-team return is getting closer.
"I did watch him and I have spoken with him. I think he's not far off," he said. "I think we have to be careful because it was a big injury, a major injury, and what we have done is actually get him back ahead of time.
"We have to make sure the strength is right in the area because it could lead to other injuries if we go too soon, too quickly. But 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."
When asked if he had a particular game in mind for Hudson-Odoi, Lampard said: "No, I haven't really, because the squad is strong.
"We obviously have the Carabao Cup (a home match against Grimsby on September 25) coming and that will be maybe an opportunity to look at players who have been injured or some different options."
Meanwhile, Abraham came off in the 77th minute on Saturday looking to be in discomfort, and Lampard - who has stressed that when it comes to the Champions League he will "just pick on merit" and "won't consider age" - has confirmed the 21-year-old striker had been suffering with cramp.
Chelsea are also assessing defender Antonio Rudiger, who was substituted at half-time after slipping on his way off the pitch and feeling pain in his groin.
Lampard said ahead of the Wolves match that midfielder N'Golo Kante, who has been absent for the last three games due to an ankle issue, was "hopefully close to a return".