The English midfielder damaged his thigh whilst on international duty in Qatar, and it was originally feared that he would be out for six weeks.
While the news is better than first expected, the injury means that Lampard won't be there to assist the Blues, as they attempt to consolidate top spot against the Gunners on November 29.
A Chelsea spokesperson said: "It has been confirmed that Frank suffered a muscle tear in his left thigh while away with the England national team.
"The Chelsea medical department's initial impression is that he may take approximately three weeks to recover."
The Premier League side will now receive Lampard’s £151,000-a-week wages in compensation from the Football Association while he recovers off the pitch.
Omar Dabbagh, Goal.com UK