"Frank has always been the captain in Steve's absence," said Hodgson ahead of Wednesday night's friendly with Republic of Ireland.
"I appointed him vice-captain. But in actual fact tomorrow I have discussed this and Frank is happy for Ashley to lead the team onto the field in celebration of his 100th cap which he'll receive tomorrow.
"It's actually his 102nd appearance but he'll receive the cap tomorrow; so Frank and I are happy that he will lead the team out there. But Frank still remains captain of the team - I'm afraid that's a bit more complicated than you maybe would have liked it to be, but that's the way it is."
He added: "After speaking to Frank and sounding out the other members of the squad... everyone thought it was would be nice if he (Cole) had the armband on and led the team out.