Cole, who is set to win his 106th cap in the Friday friendly against Chile, has been dropped for Chelsea's last two games, and is no longer automatic first choice for the Three Lions.
Hodgson said of the 32-year-old, who has been a nailed-on selection for years when fit: "From an England perspective, I'm still very happy to consider Ashley Cole as a potential English left-back.
"But as you know the competition for that spot is particularly fierce.
"Baines is also playing well and on top of that we have Gibbs and Shaw - two younger players but who I think can definitely put these more senior ones under some pressure.
"I would definitely not be concerned, if there were no Ashley Cole or Leighton Baines, about Gibbs or Shaw playing."
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