The Everton star has been in impressive form so far this season, with his third goal of the campaign coming in this week’s League Cup win at Reading following on from two starts for England last month.
And his Goodison Park team-mate Gareth Barry, who played alongside Gerrard and Lampard for the Three Lions, believes Barkley has all the ability to match the Liverpool and Chelsea legends.
Gareth Barry was an England regular alongside Frank Lampard and Steven Gerrard
"Ross has got all the potential to become as good as them," revealed Barry.
"He's got everything that they had, to match their ability, but the one thing he's going to need is consistency: performing, scoring goals and assisting on a regular basis.
"Those two players had done that for 10, 12 years in the Premier League, so that's the target.
"He's obviously still young so he's still learning certain parts of the game, but Ross has got all the ability to go on and be a really top player."
The 21-year-old already has 15 senior caps for England, having represented the Three Lions at all levels below that previously.
He was part of Roy Hodgson’s World Cup squad for Brazil in 2014, only for an injury-hit 2014-15 campaign to slow his progress.
But Barry believes he is under the right guidance with Everton boss Roberto Martinez, whose work behind the scenes can only help the former Sheffield Wednesday and Leeds United loanee find his ideal role in the team.
Barry and Barkley celebrate a goal for Everton with Romelu Lukaku
"He's got a manager here who is really trying to find the right position for him to flourish," added Barry.
"He showed in his first season how good he is, and how consistent he can be.
"Last season was a bit up and down, a massive learning curve for him, so I'm not surprised that this year he's really kicked on again.
"It'd have been a learning curve not just for Ross but the manager using him last season, he was stuck out wide sometimes, played in the hole, played deeper, so it's tough for a young player to settle down and play to your strengths when you're not getting a run in one position.
"For Ross mainly, last year was a big learning curve, and I think we're reaping the rewards now."
Barkley will be hoping he’s named in Hodgson’s squad next week, as the Three Lions face Estonia and Lithuania in their final Euro Qualifiers.
Tickets for the game with Estonia at Wembley on Friday 9 October are on sale now. Click here for more details.
