Barkley will play the current campaign at Aston Villa with his game time at the Blues set to be limited.
Lotus-Cheek is in a similar boat this season, with the 24-year-old having only played 64 minutes of action since the start of the campaign.
With the England international having slipped down the pecking order in the ranks at Chelsea, it means that the Blues are open to letting him have more game time away from Stamford Bridge.
Barkley completed his move to Villa on Wednesday, leaving the Blues one shorter in the attacking midfield department.
However, Lampard insists that Loftus-Cheek’s potential loan move could still go ahead.
“We’ll see with that one. With Ross and Ruben, they are both in similar situations,” Lampard said.
“I spoke with Ruben last week and there is an angle of this where he needs to play regular football and with Ross it was a similar angle, even though he has played more and hasn’t had Ruben’s injury.
“But we were all happy, and Ross particularly, to go and a play at a very good club in Aston Villa with Dean and John Terry, and what they’ve got going now.
“With Ruben now, I will analyse it within the squad and what feels best. Ruben can really contribute here, but if it feels like him going as well, then that’s something I’ll consider over the next few days.”