In the IPA chart, there's no labiodental lateral approximant. The cell isn't even left blank, it's shaded out and therefore the articulation is judged impossible.
One of the explanations is (see, e.g., https://linguistics.stackexchange.com/a/28880/20824) that the central – lateral dichotomy is only applicable to tongue gestures. But why? It's pretty possible to produce a labiodental (central) closure so that the airstream flows out over the sides without any turbulent noise. In fact, it's considered to be the main allophone of Russian /v/, /vʲ/ in the initial position in fast speech (e.g., see Современный русский литературный язык (Modern Standard Russian) by S.V. Knjazev and S.K. Pozharitskaya).
Moreover, I looked up lateral vs. central in J. Laver's 'Principle of Phonetics' and couldn't find any 'tongue restriction' on the usage of this term. (Where does it come from?)
So why is that cell shaded out?