The Championship outfit have advanced to the fifth round of the competition after memorable wins away at top-flight Liverpool and Stoke City in January, but now face a Blues side who are unbeaten in their last seven games.
In the league, Lambert's side have suffered back-to-back defeats in their last three matches, but the Scot believes that the pomp of the encounter gives them a shot at another giant-killing.
"On any given day we can win," he told the Express & Star. "But we have to perform. As long as we play the game and not the occasion we'll see what happens. We've got to stay in the game.
"In the FA Cup we've won the club's first game in six years, which is incredible, then the Liverpool game was iconic which will live in a lot of people's memories. Now there's another chance of something special.
"I'm delighted for the supporters because these are the games you want to be involved in. They don't happen every week, so when you do get one you make sure you have no regrets as a supporter as a player. It'll be great walking out and seeing it full."
Wolves have won the FA Cup four times in their history and last advanced past the fifth round in the 2002-03 season.