The 18-year-old made his England debut against Denmark in March after an impressive Premier League campaign with Southampton.
With Cole, Shaw and Leighton Baines all earning international honours at left-back, it appears to be a three-way fight for an expected two places in Hodgson's squad.
However, as the Premier League run-in gathers pace, Shaw insists the Chelsea full-back is in prime position to travel to Brazil and admits he has learned plenty from studying Cole's game.
"Ashley has nothing to prove," he told The Sun. "He has won 107 caps for his country; everyone knows what he can do.
"When I went to Stamford Bridge I used to watch him closely because I play in his position.
"There is no question he has been the world's best left-back for the last 10 years - and still is.
"People talk about his lack of starts at Chelsea this season - but, in my view, when Roy makes his decision on who to take to the World Cup that will not come into his thinking."
Despite enjoying the taste of international football, Shaw remains focused on Southampton's Premier League campaign and refuses to get carried away.
"That is still a long way off," he admitted. "We have five games left in the league - and I can only concentrate on that.
"Of course, all the players who have featured for England know the World Cup is close - but you cannot let it get into your head now."