He finally hung up his boots a week before his 39th birthday in 2005.
Zola told The Sun: "It is possible for him to go on as long. Why not?
"First of all, you need to want to do it. As you get older the physical side of your game goes down but you understand it, improve and master it.
"You dedicate yourself to keeping the body alive. For me, it was yoga."
The Hornets boss would love Lampard to be at Vicarage Road next season but realises the world's top clubs will be queuing up for his signature.
Zola added: "He is more than welcome at Watford!
"I hope he stays, for Chelsea's sake, but I'm sure there will be many teams wanting him.
"If we are in the Premier League and he wants to come to us, I'm sure it would not be a problem."