The former Manchester United defender has praised both but says there would only be one choice were he a manager.
Writing in his new book '2 sides,' the former Manchester United defender praised both midfielders but admitted he would only ever pick his good friend Lampard were he a manager.
As a spectator, Ferdinand says, he would prefer to pay money to watch Gerrard. As a coach, however, the 35-year-old says he would always choose former Chelsea man Lampard.
"People argue about whether he or Steven Gerrard was the greater player. Stevie always seemed a bit more natural to me but, in terms of timing, getting in the box and scoring vital goals, there was no comparison to Frank," Ferdinand wrote.
"I always say, if I were a manager, I'd take Frank every time: yes Gerrard can win a game on his own and in his prime he won quite a few like that.
"If I was paying to watch, I'd probably pick Gerrard because he's a bit more explosive. But, if I was a manager, I'd take Frank all day long."
Lampard enjoyed a long career with Chelsea before joining Manchester City on loan this summer, where he scored against his former club at the Etihad Stadium when Manuel Pellegrini's side faced the Blues.
Gerrard, meanwhile, has been at Liverpool all his career.