The 36-year-old midfielder captains the team against Costa Rica on Tuesday, but the manager said it may not be his last appearance in a Three Lions shirt
The 36-year-old midfielder will captain the team on Tuesday as England face Costa Rica in their final group game at the Estadio Mineirao in a much-changed England line-up.
Lampard joined Hodgson at the pre-match press conference on Monday and said: "I haven't made a decision about my future. I'm pleased to be involved. It's a very big game for us. It might mean nothing in terms of qualification, but all the players, the staff, everyone, we are playing for pride. After that I'll make a decision about my future."
Lampard later departed to train with his team-mates on the pitch at the Mineirao, but in his absence Hodgson revealed he would like to continue working with the midfielder.
"Frank is 36 and we don't know what his next [club] destination is," the England manager said. "But I would be more than happy if he stays in contention. He loves playing for England and he would serve his country well.
"Frank is one of those guys that, if you said to him that you'd like to have him around - even if you told him he would play a bit less - I think he would want to be a part of it."
Lampard is part of an otherwise young team to play Costa Rica and Hodgson said those players can prove themselves by beating a "top team" on Tuesday.
"We are disappointed and devastated to be out, but we are taking this game very, very seriously," he said.
"My only interest is winning this game, for our future, to move forward. Costa Rica are a top team and it's a chance for these players to show not only that they have potential, but that they are good enough to wear the England shirt. I believe they will not let me or the team down."