The Three Lions will host Norway at Wembley next Wednesday in their first match since their World Cup exit in June, before kicking off their European Championship qualifying campaign against Switzerland in Basel a week on Monday.
Hodgson, who is set to make Wayne Rooney captain following the international retirement of Steven Gerrard, has decided to give youth a chance after Frank Lampard also called time on his England career.
The veteran manager has also handed call-ups to Everton centre-back John Stones and Aston Villa midfielder Fabian Delph.
Colback, 23, moved from Sunderland to Newcastle this summer and is the surprise inclusion in an experimental squad.
Arsenal defender Chambers made a €20 million switch from Southampton this summer and has started the season in the Gunners' first-team thanks to fitness problems suffered by established parternship Laurent Koscielny and Per Mertesacker.
Hodgson has also placed his faith in Everton's Stones, who he had considered taking to the World Cup earlier this year, while Delph is another player in the Colback mould and will be expected to bring energy and drive to the middle of midfield.
Spurs winger Andros Townsend has also returned to the squad after injury ruled him out of contention for a World Cup place, and he will join club-mate Rose, who has started the season as first-choice left-back at White Hart Lane this season despite the €12m arrival of Ben Davies from Swansea City.
Goalkeepers: Fraser Forster (Southampton), Ben Foster (West Bromwich Albion), Joe Hart (Manchester City)
Defenders: Leighton Baines (Everton), Gary Cahill (Chelsea), Calum Chambers (Arsenal), Phil Jagielka (Everton), Phil Jones (Manchester United), Danny Rose (Tottenham Hotspur), John Stones (Everton)
Midfielders: Jack Colback (Newcastle United), Fabian Delph (Aston Villa), Jordan Henderson (Liverpool), James Milner (Manchester City), Alex Oxlade-Chamberlain (Arsenal) Raheem Sterling (Liverpool), Andros Townsend (Tottenham Hotspur), Jack Wilshere (Arsenal)
Forwards: Rickie Lambert (Liverpool), Wayne Rooney (Manchester United), Daniel Sturridge (Liverpool), Danny Welbeck (Manchester United)