Lampard, who is currently an injury doubt pending a thigh scan, experienced first-hand the effectiveness of man-management under Chelsea manager Roberto Di Matteo.
The Italian took a floundering Chelsea side under Andre Villas-Boas and went on to win the FA Cup and the Champions League, and Lampard believes that England may similiarly succeed under Hodgson.
"It's certainly possible to kinder something very quickly. There's no magic formula in football. You can have the right surroundings for a tournament - and we've seen many teams do that," he told PA Sport, "In my opinion man-management is of the utmost importance at top football levels these days.
"When you've got a very good squad of players, of course there's training and tactics and stuff which is important as well. But the man-management issue at Chelsea was the huge thing. Robbie took players aside, talked to them, made them feel confident and brought the best out of them, so then you've got a chance.
"If England can do that as a group then I still think we've got a great chance."
Hodgson took charge of England only six weeks before the competition, but Lampard feels that that is more than enough time for him to do his magic.
Lampard added: "Has Hodgson got enough time? Yes, I certainly think so. There's no formulas so who knows?
"At Chelsea, Robbie did it (transformed fortunes) in a matter of weeks to beat Napoli in the Champions League and all that.
"We felt an amazing change in ourselves at Chelsea by tackling Barcelona in the way we did and the Bayern Munich game. Hopefully we can carry that on in ourselves and influence players around us. We've got big names who have won Champions Leagues before in the Gerrards and Rooneys and they know the feeling, so it's not just about us Chelsea boys trying to transmit it everywhere.
"We've got very good players in the squad so it's not so much a matter of time. The fact expectations are less because of that might work in our favour. It's a hard one to call.
The 33-year-old underlined the importance of having a conducive environment in a tournament - a significant point given England's past record of having off-field troubles in previous major tournaments.
"I think we've got a group of big players who can play without that anxiety. In the few hours I've been here, I've felt it's a very relaxed camp in terms of the manager and the staff and the team.
"It's very important that we keep that relaxed atmosphere, being very focused and determined but relaxed. Those kind of surroundings in the hotel and in training are what will produce a team that doesn't carry the anxiety that maybe we've had before."
Lampard was impressed with the visit of Hodgson to the Chelsea dressing room to communicate with the England players in the aftermath of their triumph in Munich.
He said: "I wouldn't want to divulge details of the conversation. But he came in the dressing room to say well done and that he was looking forward to seeing us next week. It was very much a well done and congratulations, which we appreciated from the new England manager. He didn't have to do that."
England will play Belgium in their final friendly match this Saturday before beginning their Euro 2012 campaign against France on 11 June.