Benitez suggested there is little chance of a rethink from the club as it starts to look towards the future rather than relying on the heroes of the past.
Benitez said: "What I can say about them is that they are very, very good players.
"No one can argue about that. So you have to analyse the decisions in the context.
"It's not just talking about the quality of the players, but all these things that will make the difference at the end: the fitness, the age. You put all that together and that is the decision."
Lampard, who will be 35 in the summer, has been at Chelsea since 2001; Cole, 32 next week, has spent six years at the Bridge.
"Nobody has any doubt about the level of the players. My job is to use them, to improve them if I can, and get the best from them. That's it," added Benitez.
"You have new players, young players now, but still you have experienced players here. You need a balance.
"Obviously, these players are getting older, but still they're good players. For me, if I have to use them, I will do."