Hodgson watched the Chelsea midfielder score the winning goal in Wednesday's 2-1 Wembley win over Brazil and then said that the veteran's chances of selection for the 2014 World Cup in Brazil, should England qualify, would be greater if he remained in England or Europe.
Lampard, who is out of contract at Stamford Bridge in the summer, has been heavily linked with a move to Los Angeles Galaxy, although his preference would be to stay at Chelsea, by convincing them that he merits a new deal.
The 34-year-old has scored 11 goals for them this season, taking his career haul to 197, which is five short of Bobby Tambling's all-time club record. Sources close to Lampard say that there have not yet been talks regarding fresh terms.
"I believe that Roy is the type of manager that if you are playing well enough, whatever your age, wherever you are, he will pick you and I hope that's the case," Lampard said. "First and foremost, I'll seek my own advice, if that makes sense … make my own decisions.
"I'm very competitive and I've got a sniff of the World Cup. It's only a sniff because it's a year away and England aren't even there so I shouldn't get carried away. But I'll keep performing to my best and whatever decisions I take, I'll take with a view across the board to make myself happy, to try and play the best football I can.
"The World Cup is certainly a target for me and I will try to keep playing at a good enough level to get there. It's a target. I won't retire from England before that, put it that way."
Lampard suggested two years ago that the World Cup may be beyond him but there was a bullishness about him after he marked his 94th cap against Brazil with his 27th international goal. "Maybe it's within reach," he said. "I know how football is and from squad to squad, it can change and when you get to 34 or 35 in the summer, people do look upon things differently.
"I'm very understanding of where I'm at in my career but if I can continue playing for Chelsea and continue contributing for England, whether it's starting or not, being a valuable squad member who does his bit when he plays, then it is getting a bit nearer."
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