United are set to face Lampard on Sunday with the 34-year-old midfielder just one goal away from Bobby Tambling's Chelsea goalscoring record and Ferguson is full of praise for his opponent.
"Lampard is fantastic," said Ferguson. "Unbelievable. I don't think there's a midfield player who will ever do those 200 goals again.
"It is quite phenomenal. I think the guy has had a great career, I must say. We looked at him at West Ham when he was a young player.
"I think you now regret not doing it. Where else could I get 200 goals?
"He has that great knack that Bryan Robson had of timing, coming into the box just at the right time.
"It's all about timing for that kind of player. John Wark at Ipswich was another one. He was exactly that. He could time his runs into the box.
"And that value has got Lampard those 200 goals.
"Plus, I can't remember Frank ever being injured. I always thought that maybe he wasn't playing because they thought he was a little bit past it."