The Wales international is said to be stalling on penning fresh terms at the Emirates Stadium as he is not happy with the wages being offered.
Ramsey, who has been a part of the Arsenal fold for a decade since arriving in a £5m deal from Cardiff City, is due to see his current contract expire at the end of next season.
Lampard has talked up the importance of the two parties reaching an agreement, and says that the 27-year-old is deserving of more credit.
"I'm an admirer of Aaron Ramsey and Arsenal must try to secure his long-term future at the club," he told the London Evening Standard. "Ramsey has just over a year left on his contract and once again Arsenal have got themselves in a position where one of their key player's deals is running out.
"It will probably come as no surprise to people that I like Ramsey. Like me, he makes late runs in the penalty area and he showed that with aplomb for the second goal at AC Milan last week. One wonders if he's ever felt he's the main man at Arsenal and that's maybe why he might consider looking elsewhere.
"I feel some sympathy for him because his position has changed over the years at the club. Sometimes, because they've had so many attacking midfielders, he's been dropped further back. On the other hand, I accept there maybe doubts over whether he performs consistently enough.
"He is class when at his best and I do feel there is another level for him to strive for. He showed great quality at the 2016 European Championships. Arsenal need to keep their good British players and build the team around them, with more strength and power as a priority."
Ramsey has been used 26 times in all competitions for Arsenal this season, scoring seven goals and setting up six more.