Cole will collect his 98th cap in the Euro 2012 quarter-final with Italy, meaning his century could come in next Sunday’s final.
Lampard, 34, told The Sun: “Ashley is the best left-back England have ever had and he’s shown that again out at the Euros. He has been brilliant.
“But that does not surprise me. I have seen him go toe to toe with the best names in the game and have never seen anyone get the better of him.
“He has been a first choice for four different England managers now, which is remarkable.
“He’s been the best left-back in England for years and to maintain those high standards over a decade is testimony to his skill and dedication."