Gerrard is out with a hip injury, so Lampard will lead the team out at Wembley instead.
Before kick-off the Chelsea midfielder will be awarded a golden cap to commemorate his 100th appearance for England and he will be joined on the pitch by his two daughters Luna and Isla, who are mascots at the friendly international.
Hart, who has been England's unanimous choice between the sticks over recent years, was recently dropped by club side Manchester City after a series of mistakes.
Hodgson will now try out either Fraser Forster or John Ruddy, or possibly both, with World Cup qualification sewn up.
"Joe Hart won't be starting, you will have to work out for yourself which of the others won't," he said on Thursday.
On whether or not Celtic's Forster or Norwich's Ruddy will share time against the South Americans, he said: "John was with us from the beginning and I have had time with him and have had Fraser with us for over a year. I will make that decision on whether I choose both or one tomorrow."
Hodgson has lost Lambert at the last minute but his Southampton team-mates Adam Lallana and Jay Rodriquez will play a part.
"I don't want to get drawn into it (naming his team). I haven't spoken to the players about the team," Hodgson added.
"Frank knows (he will captain the team) and I have spoken to the Southampton boys and told them they will feature. That's all I'm going to say."
On Lambert, Hodgson said: "It happened yesterday in training. It's not a massive injury but a muscle injury that will keep him out on Friday."
Gerrard and Kyle Walker are expected to be back for Tuesday's meeting with Germany, while Liverpool striker Daniel Sturridge is also likely to duck out until then as he manages a problem.
"Gerrard and Kyle Walker won't be taking any part and that has always been on my agenda," Hodgson said.
"They will recover from minor injury problems that have plagued them and will concentrate on the second game and not the first one.
"Daniel has been doing some work and the chances are he will be spared for the second game."
Hodgson said he would put giving players a chance to prove themselves ahead of ensuring England's unbeaten run at home continued.
England's next match after this week is not until March, meaning there is little time for experimentation before he names his World Cup squad.
"I've got to put the performances in front of protecting an unbeaten run," he said.
"I do need in these two games to have a look at one or two players, as who Frank (Lampard) rightly said are heavily knocking on the door.
"There's only these two matches plus the one in March to do that. I can't dismiss the need to give some playing time to people we need to know more about.
"I'm not trying to play down the importance of winning games, but I'm not going to do it if it will be at the detriment to have a look at some players. I need to be wiser in March with regards to some players than I am now."