Hodgson selected Ferdinand for the first time for the upcoming World Cup qualifiers against San Marino and Montenegro, only for the 34-year-old to withdraw, citing the disruption it would cause to his fitness programme.
But he insisted he still wanted to be considered for England, and Lampard believes it would be hard to overlook his former West Ham team-mate on current form, telling a press conference: "He's a top-drawer player Rio, and he's certainly not finished."
He added: "Looking at his performances against (Real) Madrid, especially away, he was outstanding.
"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."
Lampard admitted Ferdinand's withdrawal had been a blow.
"(I was) sorry for him and the team, he's been in fantastic form," he said. "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."
England sit second in Group H but will be short on experience at the back after Gary Cahill was ruled out of Friday's trip to San Marino. The Chelsea defender could still play a part against group leaders Montenegro four days later but Lampard dismissed thoughts of a defensive crisis.
"It happens, these are the moments when you need a strong squad," he said. "It sometimes happens when you lose two, three or four players from the same position.
"That would probably affect any squad in the world and we're probably fortunate that we've got some very good young players. It will be time for those players to stand up. I'm sure they can do it because they do it regularly."