Gudmundsson has not featured for club or country since he injured his calf in the 1-1 draw at Wolves in August.
Last weekend's game against Norwich came slightly too soon for the 28-year-old.
Big player for the Clarets
Burnley have made a decent start to the new season, slotting into ninth place after picking up eight points from their first six matches, and Gudmundsson's return should only improve their form.
Last season, he was directly involved in 10 goals, scoring three and teeing-up seven.
Latest on McNeil, Hendrick and Drinkwater
Dyche should have a near full contingent to call upon for the trip to the Midlands.
Dwight McNeil, who continues to shine at the beginning of his first full season with the first team, picked up a dead leg but is expected to be fully fit.
Likewise, Jeff Hendrick should shake off a knock.
The only definite absentee is Danny Drinkwater, still recovering from an ankle injury sustained in a non-football incident.