The 25-year-old has only just returned from a knee problem that meant he was forced to wait until October to make his first start of the season. But he is now carrying a hamstring injury, of which Lampard said: "He won't be involved tomorrow.
"He's got an injury and he's had a few bangs to be fair to Dominic and he's been playing with some bits.
"We hope that break comes at a good time for him and we expect him back for Wolves on Boxing Day."
The Everton manager went on to reveal that Calvert-Lewin has also been battling a sore shoulder since dislocating it and playing on with the issue against Newcastle last month.
He said: "The hamstring's a small injury, probably a 10-day injury, which is probably irrelevant now.
"The shoulder was a whack he took against Newcastle and he then had a bit of a recurrence against Fulham. It's been strapped up a lot and that's something that has been looked at by a specialist yesterday and doesn't need any surgery or anything like that.
"And he has, still, the knee, so he's been getting through with some issues. The knee is probably the most prominent injury that we want to get right.
"It's a similar injury to what he had before, it's been aggravated, so this period gives us time to get it back right.
"He dislocated [the shoulder] and it went back in [then played on]. So let's give him some credit. I think a lot of people take a view on players that get injuries and speculate behind the scenes or how many times are they out there.
"There's a lad who dislocated [his shoulder] and it went back in and I know there are a lot of people outside football who do a lot of braver things than we do but he's a lad who's dedicated to try and get on the pitch for his club and possibly his country. Unfortunately for Dom, it hasn't worked this time."
There is better news elsewhere in the squad, with Amadou Onana and Idrissa Gana Gueye set to return after missing the midweek staging of this same fixture in the EFL Cup.
Lampard said: "They're fit, they've trained. As long as we don't have any issues in the next 24 hours and training today then they'll be available."
The Englishman also discussed Yerry Mina's potential involvement after the defender returned to play 90 minutes on Tuesday.
He added: "It's possible. He's been out for a while so to play on Tuesday and get through the game like he did was a big plus for us.
"We'll gauge that again today in terms of the squad tomorrow but it was great to have him back."
Predicted XI: Pickford, Patterson, Tarkovski, Coady, Mykolenko, Onana, Gueye, Iwobi, Gordon, Gray, McNeil.