The 32-year-old former England international moved to the club on a free transfer in June after he was released from his contract with West Ham.
While the three-time Premier League winner may be in the latter stages of his career, Lambert is sure Cole can play an important role for Villa, who flirted with relegation last term before finishing 15th.
"There is no doubting his ability. He missed a lot of football last year due to one thing or another but this is a new chapter for him and hopefully he can kick on," Lambert told Villa's official website.
"As soon as you start to lose that fire in your stomach as a footballer then I think there is no point.
"He is still hungry to do really well. That is the sign of a real top player."
"He can make things happen.
"If he can perform the way I know he can do then we are going to have a really good player on our hands."
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