The 21-year-old has notched eight goals and recorded two assists in 18 appearances so far this season for Derby in all competitions, and has played the full 90 minutes in his last eight Championship fixtures as Lampard affords him valuable playing time and experience.
Lampard was unable to provide any guarantees that Liverpool would not recall their young talent during the winter window.
"There is an element where Liverpool can call him back in early January," Lampard told Derbyshire Live.
"That is a conversation between the clubs.
"Liverpool run a fantastic department in terms of looking after their loan players. We have a lot of chats with them. We will just have to see how that goes."
However, Lampard was keen to stress that he was anxious to keep hold of Wilson, particularly considering his fine form in front of goal, and feels that staying with the Rams would benefit the player and, ultimately, Liverpool as well.
Were Wilson to go back to Anfield, he would have to compete with the likes of Mohamed Salah, Sadio Mane and Xherdan Shaqiri for playing time.
"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 a 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."
Derby visit Wigan Athletic on Saturday as they push for a playoff position, currently sitting seventh on goal difference, level with Nottingham Forest and Sheffield United on points, and five points off Leeds United and the automatic promotion places.