The two senior England players were both absent from Fabio Capello's squad for the country's opening Euro 2012 qualifiers as Lampard required surgery on his groin and Terry needed treatment for a hamstring injury.
However, Ancelotti hopes to have both players at his disposal at Upton Park at the weekend.
"Lampard had surgery and I think that he will start to train this week," Ancelotti said. "Terry will start to train with the squad this week and I think he will be able to play against West Ham.
"We will see how Lampard trains and we will take a decision for the game against West Ham. Terry didn't have surgery but he used the last week to improve his hamstring."
Neither Lampard nor Terry has missed a game this season, with Chelsea storming to the top of the table thanks to three comfortable wins.