Cole, fined £90,000 for calling the Football Association a 'bunch of t***s' on Twitter last October, will be awarded a golden cap to celebrate 100 appearances before the game.
Hodgson said: "It amazes me that such an event can cause such consternation. He won't be the first player across the world to get his 100th cap who isn't the captain normally.
"The (Twitter) matter was dealt with between the chairman and Ashley Cole. They were satisfied that matter was put behind them. It's not something we've taken into consideration at all.
"I find Ashley a charming person, a fantastic footballer and I'm delighted to work with him every day."