The pair reportedly fell out after Cole's Chelsea team-mate John Terry was charged with racially abusing Ferdinand’s brother, Anton, during a match. Cole defended Terry in court, with the Manchester United man courting controversy for tweeting comments about the left-back.
But Hodgson has urged the pair to put their differences aside for the good of the national team when they get together.
“I know Ashley and Rio were very good friends," Hodgson told reporters.
“We’re talking about England as a football team, not purely individuals, and I expect the pair of them to do their job with England.
“I’d be unhappy if there were tensions between players in a group.
“But we’re talking about two very experienced professional players here, and we are talking about the England football team.”