Lampard will lead England against Italy in Berne.
The Chelsea midfielder was absent for the tournament in Poland and Ukraine due to injury as England went out at the quarter-final stage on penalties.
Hodgson admitted: "We missed him during the Euros.
"When you've got players of Frank Lampard's quality it's a great pity when they get injured and we had the same situation with Gareth Barry, so we lost two very important members of our central midfield before we travelled to Poland and eventually to the Ukraine.
"So that was a blow for us but at least now, Frank is back."