Lambert is prepared to let Joao Teixeira and Jed Wallace go next month and Jordan Graham is yet to return from a serious knee injury, leaving space for Marshall in midfield.
Marshall’s contract at Ewood Park expires in the summer but Wolves will look to sign the former Stoke trainee next month anyway.
He has made 138 appearances for Blackburn, scoring 15 goals, since joining from Leicester in 2013 with Lambert a fan after working with Marshall while Blackburn boss last season.
At Wolves the Scot has inherited a squad of 30 players and wants to cut it to 23.
The futures of Richard Stearman, Teixeira, Paul Gladon, Prince Oniangue, Wallace are all in doubt while Cameron Borthwick-Jackson will leave.
It is a fluid situation with Lambert assessing the players after only replacing Walter Zenga last month but some must go.
Defender Stearman has recently forced his way back into the team although he has made just six starts since joining on loan from Fulham in August while Benfica loan midfielder Teixeira has struggled to adapt to the Sky Bet Championship.
Oniangue could also leave having failed to feature since October due to injury but Lambert wants to see the midfielder play before making a final call.
Wallace, who joined in 2015, will be allowed to go while loanee Borthwick-Jackson will return to Manchester United after a lack of playing time, which has reportedly angered United boss Jose Mourinho.
Gladon cost Wolves £1million and was one of 13 new signings when Chinese owners Fosun bought the club in July.
But he has made just two starts and one substitute appearance, none under Lambert, and is not needed at Molineux although, since he has already played for two clubs this term – Wolves and Heracles – he will be unable to play for a third until next season, but can be registered.
Wolves are 18th in the Championship after Saturday’s 2-0 win at Nottingham Forest.