The arrival of Cole means the skipper could be asked to operate in a deeper midfield role, as witnessed in the 1-1 draw with Arsenal on Sunday.
Hodgson thinks this is where Gerrard is at his most effective.
"I don't think Steven has to adjust his game at all. I think he's more than happy to play in the position he played in," Hodgson told liverpoolfc.tv.
"He's possibly happier and more influential in that position than when he plays as the one behind a striker or in an offensive midfield role.
"I think Joe's arrival at the club will help Steven to play in a position where I think we get the best out of him."