Townsend burst onto the international scene earlier in the month, starring in both of England’s two crucial World Cup qualifiers against Montenegro and Poland.
The form of the 22-year-old has come as a surprise to many, considering he had previously been loaned out by Tottenham on nine different occasions.
But this season has seen the winger become an important first team player under Andre Villas-Boas, and Venables reckons he can do the same for Roy Hodgson’s men.
“All those loan periods count for nothing,” Venables said.
“It didn’t matter whether he had been to one club or a hundred, the only thing he should be judged on is how he plays in any particular game.
“The fact is he has a lot of things going for him.
“Andros has fantastic awareness and his raw pace is always going to make it difficult for defenders.
“He has this ability to hug the touchline, go fast, but still have time to look up to see what he wants to hit in the middle.
“Even when he runs out of space, he has a repertoire of other crosses in his locker; cut-backs, back post, near post.
“It is still early for him but we are all excited about the future because of the performances he has put in.”
Townsend is the latest young player to emerge ahead of the World Cup, and Venables is excited about the likes of Jack Wilshere, Danny Welbeck and Daniel Sturridge competing alongside Townsend in Brazil.
“At times people have said there are too many experienced players, at others too many young players,” he added.
“I look at that group and think it is one of the best.
“The experienced players need the legs of the younger one. The younger players need the help of the older ones.”