The 25-year-old forward has scored three goals in 13 appearances since joining from Derby County in January, including two in his last three games.
Weimann was already well known to Lambert, having enjoyed a breakthrough season under the Scot at Villa.
A 12-goal haul during the 2012/13 campaign saw the Austrian earn a reputation as one of the best young strikers in the Premier League but he struggled to replicate that form in subsequent campaigns, eventually leaving Villa Park for Derby in the summer of 2015.
Weimann had scored only four goals for the Rams before being brought to Molineux in January but Lambert believes he is now beginning to enjoy his football again.
"Andi maybe lost his way a bit," said Lambert. "Now we have him back here he is starting to flourish again, which is great to see.
"You see it start to come back – the confidence. I thought his goal against Fulham was outstanding. It was a great finish.
"I think he is enjoying his football which is important. He is still a young player and he has been excellent since he has been here."
Lambert added:"Him, Christian Benteke and Gabby Agbonlahor were excellent in my first year at Villa. The three of them had a great rapport with each other.
"He scored a brilliant goal against Manchester United. But his work ethic was a big factor.
"The way he worked and got into dangerous situations. Bringing him here I knew what I was going to get with him.
"I think at that time he had scored around 13 goals in the Premier League. I know he can do it."
Wolves have an option to buy Weimann in the summer, with new Derby boss Gary Rowett confirming the Rams are unable to renege on the deal.
"If he wants to sign for Wolves at the end of it, and Wolves want him then that will happen naturally because that's what an option is." said Rowett.
"I haven't seen the details of it (the option) but that is normal and I have got no issue with that."