The Three Lions midfielder has indicated he will retire from international football after Brazil 2014 but the 66-year-old feels his captain's new role will allow him to carry on.
The Liverpool midfielder has previously suggested he will retire after Brazil 2014, having already earned 105 caps since his international debut in 2000. However, Hodgson is refusing to plan for the 33-year-old’s international departure just yet and hopes his captain will still be available after next summer.
"It is easy for players to talk about retiring in a year's time," Hodgson said. "I have fallen into that trap myself on several occasions. When the time rolls around you realize you don't actually want it. Let's wait and see with Steven. I know he gives these interviews and people write these things but I just bat them off.
"The most important thing is for England to be at the World Cup. Then I am rather hoping Gerrard, Ashley Cole and Frank Lampard will still be available. If afterwards, for some reason, they aren't, we will reassess."
Hodgson also feels that Gerrard, who has two years left on his Liverpool contract, is benefiting from playing in a deeper role, after his impressive display during the midweek World Cup qualifying draw against Ukraine.
"I have always questioned Steve as an out-and-out attacking midfield player," he said. "Steve has such energy, he really is a box-to-box player and if you take him away from the build-up from the back, then you are not getting the best out of him."