We study the dynamics of a BEC with a singly quantized vortex, placed in the combined potential of a 1-D (2-D) optical lattice and an axi-symmetric harmonic trap. A time-dependent variational Lagrangian analysis shows that an optical lattice helps to stabilize the vortex which in absence of the optical lattice is unstable. We find that the normal modes are stable only if the depth of the optical potential is more than a certain critical value. This critical value of the optical potential depends on the interaction parameter.In general higher the interaction parameter,lower the value of the optical potential required to stabilize the vortex. The BEC with the singly quantized vortex is found to be relatively more unstable in a 2-D optical lattice compared to a 1-D optical lattice.