The veteran forward appears destined to leave the Parc des Princes this month and is reportedly on the agenda of a number of high-profile sides from all over Europe.
Speaking ahead of his team's clash with Arsenal in the Premier League on Tuesday, Lampard was asked about the Uruguay international and didn't rule out a possible move for the striker in January. He said:
"He's a great player. I played against him, and I always loved his mentality and attitude, and obviously his goalscoring record speaks for itself.
"I'm not absolutely aware of what the situation is, so we'll see. He's an experienced player, but so are many other players out there.
"I think we are young, and we know about the transitions. The idea of bringing in experience is something I'm certainly not absolutely looking away from, because sometimes the young players need a little bit of help, and if that's the case then that may help us."
Per Jacob Steinberg of the Guardian, the Chelsea boss declined the chance to end any speculation:
Lampard added that "nothing is imminent" regarding possible incoming players.
Speculation surrounding Cavani's future is poised to ramp up in the coming days, with PSG sporting director Leonardo confirming the forward has asked to leave in January, per Andrew Steel of Goal.
Per Steel, in addition to Chelsea, Atletico Madrid and Manchester United have been strongly linked with a move for the striker. The 32-year-old's contract is set to run out at the end of the season, meaning he is free to hold talks with possible suitors with a view to signing a pre-contract for next season.
Kieran Canning of Agence France-Presse believes the striker would be a sensible acquisition for Manchester United too:
Cavani has only made 14 appearances this season for PSG, having suffered with injury issues and fallen behind Mauro Icardi in the pecking order.
A move would make sense as a result, and for Chelsea he would potentially be a savvy acquisition:
Under Lampard's guidance, Tammy Abraham has flourished this season. However, when the England international is not able to have an impact, the Blues lack quality options on the bench; neither Olivier Giroud nor Michy Batshuayi appear to have convinced the manager they are a capable back-up.
Cavani would provide competition for Abraham and give Chelsea another serious goal threat. However, if a player of his pedigree is available this month, the Blues are unlikely to be the only club in the market for him.