The 44-year-old said the "amazing" opportunity to manage in Europe again had played a "big part" in his return to Chelsea, two years after his first managerial spell at the club ended.

"I've been fortunate enough to manage in the Champions League for two seasons," said Lampard.

"As a player, it was always the special competition, so to be here as a manager - particularly when a week ago today I didn't know I'd be here - is a huge honour, and a big part of my thought process of taking on the challenge here.

"It's an amazing challenge for me personally as well as obviously for us as a team and a club. I'm really looking forward to the occasion myself."

Lampard said midfielders N'Golo Kante and Mason Mount plus defender Thiago Silva were available to play after the trio missed Saturday's Premier League defeat at Wolves.

The Champions League is Chelsea's only remaining hope of silverware this season after early FA and League Cup exits, but the Blues go in to Wednesday's game off the back of a poor run in form in the Premier League, leaving them 11th in the table.

"The Premier League is one of the greatest challenges in world football, and those challenges have obviously taken us to a place we don't want to be as Chelsea," said Lampard.

"I think the Champions League sometimes offers you a bit of escapism from that - a different speed of game, knockout football, those things can all contribute to getting different success in the same season.

"There's pressure on both teams due to the size of both clubs. Are Real Madrid favourites? Yes. [But] there's no better carrot in football than trying to prove people wrong.

"I think that's a nice challenge for us. I'm not worried about that, in terms of pressure. Football at this level is pressure and if you can't handle it, you're not a big club or big player."

Real boss Ancelotti 'sad' about former club Chelsea

Real Madrid head coach Carlo Ancelotti says he is "sad" about Chelsea's form this season as he prepares to face his former side.

Ancelotti won the Premier League and FA Cup with the Blues in the 2009-10 season.

"I am sad, yes," said Ancelotti. "I have a fantastic memory of this club, of the people that are still working there.

"I'm a supporter of Chelsea, of course, because I spent two really nice years there."

Chelsea boss Lampard was a player under Ancelotti during his two years in charge at Stamford Bridge, and the 63-year-old Italian is confident Lampard can turn the club's fortunes around.

However, Ancelotti - whose Real side won last year's Champions League and are looking to lift the trophy for the sixth time in 10 seasons - has ruled out a second stint at Chelsea himself.

"I hope that Lampard is able to do a fantastic job with them," he said. "He has 20 years' less experience [than me], but that will not change what will happen in the game.

"He was a fantastic player, extraordinary, he knows very well what can happen in these games but experience, in these matches, I don't think counts for much.

"He arrived at the club a week ago, with a lot of players that he already knew. I think he'll do well in the time that he's at Chelsea."