Hodgson is building his 2014 World Cup team around the Scouse pair.
He told the Mail on Sunday: "Wayne's a great player, a player who decides games. Yet he would be the first to admit that he has unfinished business for England at a major championship.
"Steven Gerrard comes into that category, too. He will be very important, because of his playing ability, because of his tournament experience, which he can pass on to younger players, and because of his captaincy qualities. He is a captain who cares, one willing to spend time with other players, and he is not part of any clique. He transcends, to some extent, all of that.
"In his best moments, he has world-class ability, which he has shown for the national team on many occasions. With 19 months to go before the World Cup, we have to hope he can keep fit and retain his great athleticism. If so, it's going to be fantastic to have him with us. He would be 34 but that's not a great age for a footballer any more and Liverpool are managing him well."