Cavani has handed in a transfer request at the French champions after falling out of favour at the Parc des Princes.
The 32-year-old Uruguayan has made just nine Ligue 1 appearances this season, scoring two goals.
Atletico Madrid have already had a bid rejected for Cavani, whose contract at PSG expires at the end of the season, while Manchester United have also been linked.
Lampard was dissatisfied with Chelsea’s attacking display in the 1-0 loss to Newcastle United on Saturday and called for support for 22-year-old top scorer Tammy Abraham.
With Chelsea now free to sign players, Lampard has not hidden his admiration for Cavani amid uncertain futures for Olivier Giroud and Michy Batshuayi.
"He's a great player, I played against him and I always loved his mentality and his attitude and obviously his goalscoring record speaks for itself," Lampard said of Cavani during a press conference on Monday.
"Not absolutely aware what his situation is, so we'll see. He's an experienced player but so are many other players out there.
"We are young as a squad, we know about the transition, so bringing in experience is something I'm not shying away from because I think younger players sometimes need help and if that's the case then that may help us.
"I think long term in January is difficult. We haven't seen many. I think it's difficult so short term is certainly something we'd look at because I think there are issues which are pressing for this season to finish where we want.
"We're looking, but nothing to tell you that might happen right away."
