Lookman has endured a testing few months and has yet to feature in the Premier League this term despite being on the bench for five of the Blues' seven top-flight games.
"I'm sure he is ready – he is a confident boy," said Bolasie, speaking at an event run by club sponsors Sure.
“I've been supporting him, I know him and where he has come up through the non-League system as well so I've tried to guide him and build his confidence so he's ready to take his chance when it comes."
Bolasie, recovering from a knee injury, added: “I would be very surprised if he wasn't in the team doing well at some point this season – he studies the games well and looks at how he can make an impact and I'm really looking forward to seeing him play.
“When his chance comes, he needs to be ready to take it and I'm sure he will."