The 33-year-old scored 40 goals in 89 appearances for the Three Lions, featuring at three World Cups and two European championships during a decorated 16-year career.
“He had a fantastic career. He is the sort of player you are very proud to play alongside,” Lampard told a news conference.
“I think he will go down in our history in England as one of the greatest goalscorers and strikers we have had, so he deserves very high praise.”
Lampard, who scored his 200th Chelsea goal in a 2-0 victory over West Ham on Sunday, also believes that Owen would have broken Sir Bobby Charlton’s goal-scoring record and reached 100 Three Lions caps if the forward had stayed injury free.
He added: “Without some injury problems at the latter end he would probably have gone on to break all the records, with goal-scoring and 100 caps, but there should be no real frustration for him because his career was absolutely top drawer for both club and country.”
When asked about his favourite memory of Owen, the Chelsea midfielder picked out the former Liverpool striker’s memorable hat-trick in a 5-1 victory over Germany in their 2002 World Cup qualifier in Munich.
“I think the hat-trick in Munich was obviously fantastic,” he said. “He was at the top of his game then, but to come on against Argentina at his age and score a goal of such eye-catching quality, and as a fan watching it was something very special and really stuck in the mind.”