The midfielder started Chelsea’s first game of the season against Brighton but was replaced after just 61 minutes following a low-key performance.
Loftus-Cheek has not made an appearance for Chelsea since the 3-1 win at the Amex Stadium and Lampard says the 24-year-old would be allowed to leave in order to secure more playing time.
West Ham and Aston Villa have both been linked with a move for Loftus-Cheek.
‘I’m very open with Ruben. We’ve had a couple of conversations in the last week,’ said Lampard.
‘He’s fit as a fiddle so he can play week in, week out. He needs to play. He’s done a lot of work now.
‘He would have been playing earlier if it wasn’t for lockdown and restart. There’s a possibility that Ruben may go out to play games because that would be great for him.
‘We hold him in very high regard. I certainly do and that could be a good option for him.
‘If that’s not the right option he’ll be competitive in this squad as well. I’m relaxed about it but I want to find the best path for Ruben and I want to find the best path for us.
‘He’s had a difficult time. The injury was a bad one.
‘I was always looking forward to him getting back fit and working with him.
‘He wants to play and the reality is I have a lot of competition in those areas. Ruben is versatile. He can play different roles in the midfield and sometimes off the side, so I was really looking forward to working with him because I know what he can do.
‘He gives us something slightly different in terms of his physicality. But there is also a priority for everyone that Ruben plays games. We’ll do what feels right.’