The Mali international, who has been a Wolves player since 2014, penned a new three-and-a-half-year deal at Molineux on Tuesday.
Dicko had entered the final 18 months of his contract but was happy to agree fresh terms, having returned to the side in October after spending the majority of the last campaign absent through injury.
Speaking to the club's official website, boss Lambert said: "It's great for us that Nouha has signed a new deal. He is a major threat to opposition defenders with his pace and now I think he just needs to get a goal under his belt. He has been great since I have been here having come back from a long term injury.
"Players like Nouha are really difficult to find, with such genuine speed. And he is still only a young guy, he has got his whole career in front of him. I'm delighted that his future is secured."
Dicko has yet to find the net since returning to senior action, with his only two goals in 2016-17 coming for the Under-23s side against Crewe Alexandra in the EFL Trophy.