The Chelsea midfielder will become England's eighth player to reach the milestone on Tuesday, part of a Three Lions side unchanged apart from Danny Welbeck's replacement.
The Chelsea midfielder made his international debut in a 2-1 friendly victory over Belgium in October 1999 and has been to two World Cups and two European championships with the Three Lions, notching up 28 goals in the process.
Hodgson is delighted to see Lampard become the third player reach his century during his reign, following Ashley Cole and Steven Gerrard.
"Yes, he'll play tomorrow night, so that's quite a first as well," Hodgson told reporters on Monday. "I think I've been very lucky to have three players play their 100th game for England during the time I've been manager. I'm very proud of that I suppose or happy to have been a part of that.
"All things being equal, Frank will play and start tomorrow and get his 100th cap."
Hodgson also revealed that he only expects to make one change for the match in Kiev, with the suspended Danny Welbeck the only absentee from Friday night's 4-0 thrashing of Moldova.
"Well, basically there will only be one change in the team," Hodgson said. "That'll be the person who replaces Danny Welbeck.
"I think that I'll leave it to you to make your assumptions and your guesses on that but that's the only change that's likely."
The match's importance to the Group H reckoning is not lost on Hodgson, who wants to be decisive in England's attempts to win a "cup final."
"Ukraine are a good team and both them and us are capable of winning the group so it's a bit of a cup final," Hodgson said. "It's a critical fixture in the group and the team that wins the game will have a great chance to qualify.
"You do not win games by being cautious; sometimes you win it by going on the front foot."