The 32-year-old has returned to training after missing the Blues’ last 11 matches with a groin injury.
“Lampard started training with the team last week,” explained Ancelotti.
“I don’t think he will be ready for Wednesday but for the next game in the Premier League against Liverpool.
“I hope he will come back quickly because we need to have this kind of player – he is a fantastic player.
“Now the team without Lampard is doing very well. But when he comes back I think we will have him straight into the team.
“We have a lot of games, we have a game every three days and all the players will be involved.”