Hudson-Odoi has fallen down the pecking order since returning from a ruptured Achilles, while he also suffered a hamstring problem last season and started only seven Premier League games.
The winger, who after breaking through at Chelsea pushed for a move to Bayern Munich before signing fresh terms shortly after Lampard's appointment as manager, is not pushing to leave west London yet but would consider a loan should first-team opportunities not present themselves.
Asked if Hudson-Odoi and team-mate Antonio Rudiger could leave before the season finishes, Lampard said: "It remains to be seen. We're not in a period where the transfer window or market is acting like it has done in recent years in terms of how players move or what level they move at.
"Again the competitive games have just started. I'm very open to those conversations with the players as the next couple of weeks go on. My priority will always be making sure I maintain and keep the strongest squad I can for this club, but after that of course the individual conversations will happen within that.
"I will try and make sure I go into the season once the window shuts with the squad that I feel is healthy and competitive in a healthy way."