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Midfielder Lampard is the third-highest goal scorer in Chelsea history and during his 11 years at the club has won a European Cup, three Premier League titles and four FA Cups.
Left-back Cole signed from Arsenal in 2006, has won two fewer Premier League titles.
“I think so, that is the case at the moment,” the Telegraph quoted Benitez, as saying when asked if the pair were on their way out.
Lampard has been repeatedly linked with moves to LA Galaxy and the Chinese club Guizhou Renhe.
Big-spending Paris Saint-Germain, whose manager, Carlo Ancelotti, worked with Cole during his time at Stamford Bridge, meanwhile, has targeted the full back.
Benitez takes charge of Chelsea for the first time on Sunday with a big decision to make over whether to restore striker Fernando Torres to the starting line-up against Premier League leader Manchester City.
