The 18-year-old had been heavily linked with Bayern Munich, with the Bundesliga side reportedly placing two bids of £22million and £25m.
Along with collecting Chelsea's Young Player of the Year award for 2018/19, Hudson-Odoi has made a fine start to his career and would've undoubtedly been central to Lampard's early days DNA if not for his injury problems.
His new deal commits him to the club he has trained at since the age of eight until at least 2024.
Hudson-Odoi made 24 appearances across all competitions past year for the Blues, scoring five times, before his season was cut short with the Achilles injury.
"I really see this as an opportunity to grow not just as a footballer, but also as a person".
Chelsea's record goalscorer has assured him over his game time and the youngster says he has already learned a lot from the club legend.
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'I want to lift as many trophies as possible, win as many games as possible and contribute to as many goals as I can as well.
'There are things as a young player that he will want to improve but he can be central to this team and for England.
And speaking at a news conference on Friday ahead of Sunday's clash with Premier League leaders Liverpool, Lampard said Hudson-Odoi now has to show his worth on the pitch.
"He has the mentality of winning, which we all want and we all need, so him coming in was just an extra boost for me".
He is set to return to the first team after recovering from an Achilles injury suffered in April.
"He has got everything we are trying to bring, we know the talent he has, that he has shown on occasions in the first team when he has had his opportunity". I want to take it on because, ultimately, I'm helping the players who are going to be the future of this club.
'Pretty much as soon as the job I made contact with him to make him aware that I wanted him to be part of the plans, ' said Lampard.