The 37-year-old midfielder's contract with New York City FC expires in December.
Lampard has endured a hugely frustrating stint with New York City FC since joining the MLS club last summer, having failed to impress during the 2015 run-in and missed the club’s opening 10 games this season with a nagging calf problem.
The 37-year-old midfielder, whose current contract expires in December, recently dropped into Chelsea’s Cobham training complex for treatment during a brief trip back to the UK, and Hiddink would not be surprised to see him return to west London on a permanent basis in the future after he hangs up his boots.
“I can see that,” Hiddink told Get West London when asked about the prospect of Lampard coming back to Chelsea. “He was recently here when he was having his injury. He modestly asked if he could be treated here by our physios. I said of course as he was asking me.
“He wanted to be out of the hours of the players who are normally here, in the evening or afternoon. I said ‘no, you are one of this family’ and he loved to come in the day. If those players don’t have that affection to the club then don’t even come back for the treatment.
“Young players can learn a lot, not every day of course, but they can accelerate their career by having eyes on the career of those big guys.”
Lampard, who earned 106 England caps, joined Chelsea from West Ham United in June 2001 for a reported £11 million fee and went on to make 648 total appearances for the club, recording a club-record 211 goals and 152 assists in the process.
The three-time World Cup veteran also won three Premier League titles, four FA Cups, two League Cups, the Champions League and Europa League during his time at Stamford Bridge, before he left on a free transfer in the summer of 2014.