In his column for The Sun, Venables wrote: "I am so disappointed Wayne Bridge has decided to close the door on his international career.
"Disappointed for him - and disappointed for England.
"With Ashley Cole recovering from a broken ankle, Bridge was the natural and perfect choice to fill the country's left-back slot in the important months ahead.
"An experienced understudy who was undoubtedly ready and able to take a lead role in our World Cup campaign, which begins with a friendly against Egypt at Wembley on Wednesday.
"But that is no longer the case after his announcement yesterday when he declared himself unavailable for selection for the foreseeable future.
"Bridge obviously feels he cannot play alongside his former friend and captain John Terry after revelations about their private lives.
"It is a situation that has thrown a spanner into Fabio Capello's preparations. The England coach might have believed he had put this story to bed when he stripped Terry of the captaincy.
"But Bridge's bombshell has brought it to the fore again.
"He is clearly still hurting and nobody can blame him for reaching his conclusion."