Carragher is set to make his 450th Barclays Premier League appearance for the Reds against Tottenham Hotspur on Sunday - with the defender expected to take the captaincy in the absence of the injured Steven Gerrard.
"He's a major, major figure at the club and has been for his entire career," Hodgson told reporters at Melwood.
"It is a fantastic achievement and I am very delighted for him. If anyone deserves the accolades it's him.
"He's been everything I expected him to be (since I came here). I'd seen him play over the years and I expected him to be a good defender, a great club man, a tremendous enthusiast, a very good trainer, a first-class professional and a person with an attitude you wish you could find in every player you work with.
"The most important thing about him is said by his record - all the games he's played and all the sacrifices and great efforts he's made for Liverpool Football Club. His record tells you everything you need to know about him."
Hodgson added: "He's been very useful. From the offset he's tried his best to make certain everyone rallies round the cause and I'm really pleased to have him."