Lampard, who turns 36 at the tournament, was not used on Wednesday.
"Frank is no more vulnerable than anyone else," said Hodgson.
"He will have to accept it in the same way as Carrick will that they were left on the bench because I played Steven Gerrard the whole game.
"If I wished to spare Steve, then those two were obvious choices. But Steven hasn't got a game at the weekend and was playing so well and there were a lot of young players on the pitch.
"I will have to make a decision one day. It would be a mistake to start trying to read my mind because I haven't made up my mind."
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