Joachim Low's side had just conceded a goal to Mathew Upson when Lampard sent in a shot that hit the underside of the crossbar and bounced a yard over the line before the keeper grabbed it and the Uruguayan officials played on.
Germany went on to win the game comfortably in the second but Ferdinand believes it may have been a different story had the sides gone in 2-2 at half time.
Speaking to The Sun, Ferdinand said: "If Lamps' goal had stood it would have been 2-2 and then the game would've turned on its head. We'd have been at full throttle. I'm sure we'd have gone on to win it.
"I was sitting here with my mates and we were all screaming at the TV along with everyone else in the pubs going bananas. I'm a professional footballer but I'm also a fan so I know what it's like.
"Your emotions get a grip of you and you think 'How's he not seen it?'
"It wasn't like a counter-attack or something, he was up there with the run of play. He has to be able to see that."