Despite Lawson's impressive performances in five outings for AlphaTauri this year, the team opted not to promote him into a full-time race seat, instead sticking with Yuki Tsunoda and Daniel Ricciardo.
This is why Chandhok thinks the Kiwi would turn down a potential approach from Williams over the winter break.
"I don't think Lawson will take the Williams opportunity because he genuinely is keeping an eye on that Red Bull thing," he told the Sky Sports F1 podcast.
"What happens? Do they start the season with Checo? If that doesn't work out, do they stick Daniel in the Red Bull? In which case, do they put Liam in the AlphaTauri?
"From Liam's standpoint, he's going, 'Hang on a second, I might take this gamble here and not upset the Red Bull family'. Because you can't sign with Williams, even on loan for Red Bull, and then leave mid-season - so I think he's gambling on something opening up perhaps in the early part of next year."
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.
We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.