The 17-year-old attacker impressed new Stamford Bridge head coach Maurizio Sarri in pre-season and started the Community Shield defeat to Manchester City at Wembley Stadium.
Panzo, also 17, played alongside Hudson-Odoi in the Blues academy before moving to French club Monaco in the summer.
When asked by The Sun to compare Hudson-Odoi to another player, Panzo replied: "He is maybe a little like Mbappe with his speed and dribbling.
"Callum was one of the best players at Chelsea when I joined. When we got a bit older it was him and me who used to play up out of our age group with the older boys.
"He's gone back there doing his thing and earned his place in that squad. He's a decent player and he can become an even bigger player than he is now."
Hudson-Odoi has made five appearances for Chelsea's first team so far.