Cole has been in typically fine form at Euro 2012 and is expected to make his 98th international appearance in Sunday night's quarter-final clash with Italy in Kiev.
Lampard, who was ruled out of the tournament through injury, is now desperately hoping that his Chelsea teammate becomes a centurion in Sunday week's final.
"Ashley is the best left-back England have ever had and he's shown that again," Lampard is quoted as saying byThe Sun. "He has been brilliant.
"But that does not surprise me. I have seen him go toe to toe with the best names in the game and have never seen anyone get the better of him. Not Lionel Messi, not Cristiano Ronaldo, not anybody.
"He's been the best left-back in England for years and to maintain those high standards over a decade is testimony to his skill and dedication.
"I'm sure he will go on and on, all the way to the 2014 World Cup finals in Brazil and maybe even beyond that.
"He'll definitely get 100 caps. If things go well that would be the final, which would be amazing. If not then it'll be very soon and I can see him racking up 120-130 caps, even more than Peter Shilton ."
Lampard added that he is confident Cole will play at least one more game this summer, arguing that England's quarter-final opponents are not the strongest.
"This is certainly not a vintage Italy side and if you look at the names, there's not a lot of individuals we should be scared of," the midfielder claimed.
"I hope we can do it and I believe we can do it. And we all know it will be the Germans waiting for us next!"