The pair are currently training together in Austria as part of Fabio Capello's 30-man provisional World Cup squad.
Gerrard told Match of the Day magazine: "Joe Cole does some amazing stuff in training.
"He's as good as Messi or Ronaldo on the ball, and he'll give any player a run for their money when it comes to tricks."
Meanwhile, Gerrard has lifted the lid on some of the characters within the squad - and explained why he thinks Jermain Defoe might miss the plane to South Africa.
"Most of the lads watch movies on the plane, but Jermain likes playing on his PSP - he loves Tiger Woods PGA Tour golf," said our skipper. "If you make a bad shot, he lets the whole plane know."
He added: "We all travel together so there's no chance of anyone missing the flight. But you'll find 'Wrighty' [Shaun Wright-Phillips] and Defoe running for the plane - they'll be clothes shopping in the airport."