Mudryk joined Chelsea from Shakhtar Donestsk for £89m in the January transfer window.
After an impressive cameo against Liverpool on his debut, Mudryk has failed to glitter in his remaining games for the Blues.
The 22-year-old has only recorded one assist and scored no goals in his seven appearances so far for Chelsea.
"Chelsea have bought a talented player when he is very young, for the future," said Shevchenko.
"He's just starting his path in a massive football career."
"His first step has been the right step, coming to Chelsea," added Shevchenko, Ukraine's manager from 2016 to 2021. "He's part of an ambitious project. He's in good hands.
"The decision to get him right now was down to how much the club believe in his talent. He's on a very long contract, that's very unusual. Chelsea are investing in their future."
"The Premier League usually demands results right now, but let's see how he does in these eight years," Shevchenko added. "Let's see what he can do in the long term. The club must be patient with him, believe in his talent."
"I wish I had come to Chelsea at his [Mudryk's] age," Shevchenko added.
"What worked for me in Milan and London was immersing myself in the culture, studying the language so I can communicate with my team-mates. That will help him acclimatise quicker which is important when you move to any country in the world."
Mudryk is in the Ukraine squad for Sunday's EURO 2024 qualifier against England at Wembley.
