Current number 10 George Ford will reportedly join Bath Rugby at the end of the season, meaning that Leicester are in the market for new players.
"With George Ford leaving we need cover at 10. We need more goalkickers within the squad. [Lamb] is one of the guys that is available, along with several others. There is a little bit of a merry-go-round on the fly-half front across the Premiership," Cockerill told BBC Sport.
"When we are ready to sign people we will make that announcement, but at this point there is nothing to tell. In the current market place you have to look at everybody. We are looking at guys to play as back-up to Toby Flood and if they are better they will play.
"Ryan is one of those, but there are lot so guys. There are plenty of others and there are a few other options outside the Premiership as well."
Leicester currently sit third in the Aviva Premiership table.