Hodgson knows that Gerrard will make a decision on his England future after this summer's World Cup in Brazil.
He said: "There's no reason why Steven could not lead us into the Euros.
"He will be 34 in May, so he will be 36 in 2016.
"I think a lot will depend on him, how he feels and how he is playing.
"At the moment, there has been no slowing down in his play.
"Who knows what the future will bring? I do not have a strong feeling about that one. Only time will tell."
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