The new Blues boss has run the rule over his squad during their pre-season tour of Japan and concluded that the two midfielders are not in his plans.
Bakayoko arrived at Stamford Bridge from Monaco in a deal worth £40m, but the Frenchman spent last season on loan at Milan after slipping down the pecking order at his parent club.
And Drinkwater, a £35m recruit in 2017, was in effect frozen out by Maurizio Sarri last season, with his only appearance coming in the Community Shield.
Chelsea are unable to sign any new players until next summer due to a two-window transfer ban, but Lampard is still willing to listen to offers for Bakayoko and Drinkwater.
The west Londoners were able to convert Mateo Kovacic’s loan into a permanent deal earlier this month, while they have also retained the services of midfielders N’Golo Kante, Jorginho, Ross Barkley and Ruben Loftus-Cheek.