Manchester City's Gareth Barry was forced to pull out with an abdomen injury suffered during the 1-0 win over Norway in Oslo on Saturday and was replaced by Everton defender Phil Jagielka.
Now Lampard is sweating on his fitness with the thigh problem sustained in training earlier on Wednesday - just 24 hours after joining up with the squad.
Liverpool's Jordan Henderson is on stand-by to replace the Chelsea player despite an up and down first campaign at Anfield.
Although Hodgson had to submit his final squad of 23 with UEFA on Tuesday, it is permitted to replace an injured player after that deadline.
Lampard is 34 next month and realistically the finals in Poland and Ukraine could be his last tournament for his country - if he is passed fit.
But to miss out will be a big blow for Lampard who made his tournament bow for his country during Euro 2004 in Portugal.
He enjoyed a renaissance at Chelsea during the final third of the season under Roberto Di Matteo at after losing his regular spot during the Andre Villas Boas era.
Lampard helped Blues lift the Champions League for the first time 12 days ago at the expense of Bayern Munich on penalties - plus the FA Cup - to cement his place in the England squad.
The former West Ham player was keen to make an impression with his country after ceasing to become a regular part of the England side during the latter part of Fabio Capello's reign.
Lampard has started only one of the last five internationals and looked to have slipped down the pecking order even when Jack Wilshere and Steven Gerrard were unavailable through injury.
But Lampard is still regarded as an important squad member and, if he is forced out, his experience will be sorely missed.
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He had been given time off along with the other Chelsea players after their Champions League triumph before joining up with the remainder of the squad on Tuesday.
His possible absence could provide an opportunity for Henderson who has seldom been at his very best for Liverpool after his big money move from Sunderland.
But he made his only England start against France - who will be the opponents in the Euro opener on June 11 - in November 2010 at Wembley.