Lampard has amassed 98 appearances for his country, which means he could reach the landmark three figures in Ukraine next week.
That is by no means certain, though.
Skipper Steven Gerrard and Arsenal's Jack Wilshere appear to be Hodgson's first-choice central midfield partnership, while the Three Lions also have Michael Carrick to call upon, in addition to James Milner and Phil Jones, who are both capable of filling a central midfield berth, and Everton new-boy Ross Barkley.
It means 35-year-old Lampard is not necessarily going to be involved in either Friday's World Cup encounter with Group H minnows Moldova, or the must-not-lose trip to Kiev the following Tuesday.
However, if he is forced to wait to join Peter Shilton, David Beckham, Bobby Moore, Sir Bobby Charlton, Billy Wright, plus the two newest, Gerrard and Ashley Cole, in that most exclusive of England clubs, Hodgson assures Lampard it will only be temporary.
"I won't say if Frank gets 100 caps because I'm sure he will get them," said Hodgson.
"What I can't guarantee is that it will be against Ukraine but he will get 100 caps because he is an outstanding player.
"And when he does get them, like Gerrard and Cole, it will be a red letter day not just for him but for England and all the people who've watched him."
For a long time last season, it appeared Lampard might put his chance at risk by moving away from the Premier League.
With no contract extension being offered by Chelsea, the prolific midfielder was considering his next career move, with talk of Major League Soccer at the forefront of his mind.
However, the decision to appoint Jose Mourinho was preceded by another one-year deal for Lampard, two events which surely were not unconnected.
And Hodgson was delighted when he heard the news.
"It's good for Frank that he stayed," said Hodgson.
"He's settled here in England. He's a very important Chelsea player and in the games I've seen he's been very good for Chelsea.
"I'm sure Jose Mourinho is very glad to have him."
In a squad containing only four players who have scored more than seven international goals, Lampard's ability to find the net could be priceless, especially in Kiev, against a Ukraine side now fancying their chances of qualification after their four goal demolition of group leaders Montenegro in June.
Lampard now has 29, putting him ninth on the all-time list, a figure that might well have been higher had he not missed Euro 2012 with a thigh injury.
"Frank has that ability to get you a goal," Hodgson said.
"We missed him at the Euros."