Back in the frame: Frank Lampard is fit again
The 31-year-old tore a thigh muscle while on England duty for the match against Brazil earlier this month and was expected to be out for three weeks.
However, after Chelsea beat Porto to ensure they will finish top of Group D in the Champions League last night, Ancelotti revealed the England midfielder had already returned to training and could be back against Arsenal.
'He has trained for the last two days and will train again on Thursday. We hope he will be fit,' said the Italian.
The return of Lampard will be a massive boost to Chelsea, who overcame Porto in the Estadio do Dragao with a 69th-minute header from Nicolas Anelka.
It was Chelsea's third 1-0 success in Europe this season and on each occasion, Anelka has supplied the matchwinner.
Ancelotti was more than satisfied with his side's clinical victory over Porto, even though the performance was far from sparkling.
Ancelotti said: 'It was important because it was our objective to finish top of the group. We did very well because it is not easy to win here.
'The team played well. We took some risks in the first half but the second half was better and we deserved the victory.
'The team showed courage and personality, not all the time, but in spells. We are in a good moment and it is important to keep this high.
We've nic-ed it: Didier Drogba and goalscorer Nicolas Anelka celebrate the latter's winning goal against Porto
'The players are in a good condition mentally and we know we have a difficult game against Arsenal on Sunday but it is a good time to play against them.'
Captain John Terry insisted Chelsea will be in confident mood going into Sunday's game after overcoming Porto.
'It's always going to be difficult coming here, they are a very good side with good players. I thought we dealt well with it and did what we had to do,' said Terry.
'We looked confident, we're playing with confidence. We've got some tough games coming up, we need to regroup now and make sure we're sharp for Arsenal. It was a good performance.'
Defeated Porto coach Jesualdo Ferreira said Chelsea's teamwork and his side's failure to take their chances brought about their downfall. Porto had the better of the opening half and only the woodwork prevented them from going ahead. We ended the first half very well but we had a big team in front of us,' said Ferreira.
'The result does not show what we did on the pitch. We had some chances to score but did not take them.
'Above all we had a good attitude. Porto are not efficient but Chelsea are. Chelsea have worked as a team for a very long time.
'But we have the security of knowing that we have improved.'
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