Tottenham goalkeeper Lloris was selected for Friday's 1-1 home draw against Albania, having missed his country's previous two games in October due to a minor injury.
Marseille's Mandanda, who featured in the absence of Lloris, will be given another opportunity to impress when Sweden visit his home ground, the Stade Velodrome.
Yet Deschamps has rejected any suggestion that Lloris' regular starting place is under threat.
Speaking at a press conference on Monday, the national boss said: "No, there is no competition.
"The circumstances in October meant that Steve had played two matches, that's all.
"Steve playing while we're in Marseille is logical, and it will allow him to be back in action after his good performance.
"In addition, Hugo (Lloris) plays a lot ... but no, there is no competition."