Cole played with Lampard at Stamford Bridge.
He told Absolute Radio: "To be honest with you, if Frank's out of contract, the way he's playing, all the top clubs in Europe are going to be queuing up. It's unbelievable if he doesn't get offered a deal really, because he's still one of the top midfielders in Europe. And I don't know how many goals he's scored this year, but he just doesn't stop. He's a machine."
Listen to Ian Wright on Absolute Radio Rock n' Roll Football. Every Saturday on 1215AM from 5pm. For more, visit absoluteradio.co.uk/football.