The 18-year-old played 60 minutes against Brighton for the U23s, his first appearance since April.
"I did watch him. I spoke with him this morning. He's not far off," Lampard said at Molineux stadium.
"We have to be careful because it was a big injury and what we have 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 have 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. The comforting thing about today is you look at the bench and there are options, particularly in attacking areas."