The 21-year-old joined Lampard's Derby on a season-long loan deal in the summer and has produced some fantastic displays in the Championship so far.
Wilson has 7 goals and 1 assist to his name in the league, averaging a goal every 165 minutes for the Rams.
When asked by reporters on Thursday whether Wilson will stay at Derby, Lampard revealed that Liverpool have an option to recall the Welsh international early.
"There is an element where Liverpool can call him back in early January," he said.
"That is a conversation between the clubs.
"Liverpool run a fantastic department in terms of looking after their loans players. We have a lot of chat with them. We will just have to see how that goes.
"At the minute he's our player, and of course we want him to stay our player for the course of the season because he is contributing.
"Since Harry came there has been constant dialogue with myself, Liverpool and Harry. It is very open conversation.
"For me, he is here to progress, and he is progressing well. I hope he stays with us because I think we can work well for each other."
Wilson has been tipped to break through to the first-team at Anfield after consistently impressing during his time at the youth teams.