The Manchester United centre-half was called back into the Three Lions setup by manager Roy Hodgson but had to pull out because the matches interfered with his stringent fitness program which allows him to perform consistently at club level.
Many believe Ferdinand may have burned his national team bridges but Chelsea midfielder Lampard does not agree.
"He's a top-drawer player Rio, and he's certainly not finished. Looking at his performances against [Real] Madrid, especially away, he was outstanding," said Lampard.
"Regular performances week-in and week-out, he's a top performer, has been and still is. I don't know the ins and outs of his future but the way he's playing at the minute he one of the top defenders in the Premier League for sure.
"We're losing a player of quality. As I said, now it's very important that the squad gets the results that it needs so there are no personal issues - it's about all of the team."