Liverpool skipper Gerrard and Chelsea stalwart Lampard are the only Englishmen to make the cut, with the pair rewarded for their displays at Euro 2012 and in winning the UEFA Champions League respectively.
They also form part of a five-man Premier League contingent, with Manchester City duo Yaya Toure and David Silva and Chelsea playmaker Eden Hazard recognised by their fellow professionals.
Toure is the only non-European on the shortlist, while Hazard makes the grade for the first time in his blossoming career.
Elsewhere, there are four representatives from Barcelona - Xavi, Andres Iniesta, Sergio Busquets and Cesc Fabregas - and three from Real Madrid - Mesut Ozil, Luka Modric and Xabi Alonso.
Juventus midfielder Andrea Pirlo's efforts in helping Italy to the final of Euro 2012 are rightly recognised, while Franck Ribery and Bastian Schweinsteiger complete the list having played starring roles in Bayen Munich's run to the 2012 Champions League final.
Full midfield shortlist for the FIFPro World XI 2012:
Xabi Alonso (Spain/Real Madrid), Sergio Busquets (Spain/Barcelona), Cesc Fabregas (Spain/Barcelona), Steven Gerrard (England/Liverpool), Eden Hazard (Belgium/Chelsea), Andres Iniesta (Spain/Barcelona), Frank Lampard (England/Chelsea), Luka Modric (Croatia/Real Madrid), Mesut Ozil (Germany/Real Madrid), Andrea Pirlo (Italy/Juventus), Franck Ribery (France/Bayern Munich), David Silva (Spain/Manchester City), Bastian Schweinsteiger (Germany/Bayern Munich), Yaya Toure (Ivory Coast/Manchester City), Xavi (Spain/Barcelona).