Lampard signed a new one-year deal with Blues yesterday.
Hodgson said: “We were worried about Frank’s future for a while because we were not quite sure where he was going to land.
“It is easier when players are playing in England or another top European nation compared to disappearing to far-flung places. It is far harder to keep check on them.
“Frank’s had a wonderful year, breaking Bobby Tambling’s record to reach 203 goals for Chelsea.
“It’s an incredible record, one which will never be equalled.”