The 28-year-old, who has yet to sign a new deal at Stamford Bridge, is battling to prove to Capello he is worth taking to South Africa.
But Cole is now on the brink of re-discovering his best form and Lampard believes he should be given a chance to demonstrate that when England take on Egypt in a friendly in five weeks' time.
It will be one of the last opportunities for him to impress with Capello having to name his 23-man squad for the World Cup in May.
"I hope Joe gets called up by England - he deserves it for the hard work he's put in," said Lampard. "The England manager knows how good a player he is, like everyone at Chelsea does. If Joe keeps playing the way he is for Chelsea, he will have a great chance.
"He's getting sharper and sharper. Joe's that one player who injects that bit of brilliance where he can beat a man out of nowhere.
"He had a very bad injury and people expected him to come straight back in but it's not possible. He has worked harder than anyone and now we're seeing the benefits of it. He's only going to get better."