Chelsea are currently five points clear at the top of the Premier League and, after their 3-0 win at Arsenal on Sunday, many believe Carlo Ancelotti will lead them to their first league title since Jose Mourinho left the club in 2007.
And while Lampard believes it is "far too early" to suggest they will claim the championship, he is convinced that Chelsea have three of the world's best players in their positions.
"Didier is so strong and his all-round game is brilliant," he told the club's official website. "When he plays his best I don't think there is anyone to match him, and I want to talk about Anelka as well, because he is right up there with him.
"We have the best strikers in the world. When you have those men up front who are organised like we have, their partnership is absolutely formidable. When you are playing well and a lot of big players are fit and playing well then you go to games with a winning belief."
On Cole, he added: "Ashley has shown it for a long time. For me, for the last two years he has been completely out on his own as the best left back in the world.
"I don't know when people will learn that booing him is not the way to do it. It obviously spurs him on to put in performances like he did [against Arsenal]."