The Liverpool skipper has already stated the Brazil tournament will be his last and club boss Brendan Rodgers claimed he could quit after he finals.
But Gerrrard may decide to play on to try and help England qualify for the 2016 European Championships and in doing so, try to surpass Peter Shilton's record of 125 caps for his country.
The 33-year-old will replace Bobby Moore as England's third-most capped player if he plays in the upcoming friendlies against Chile and Germany and will become the most capped outfield player during the World Cup if he features in every game until the finals.
"As a coach, I will always be trying to keep the players who I think are the best available and want to play for England," said Hodgson.
"Who knows, after the World Cup if Steven does say, 'I want to retire', and I still think, 'No, don't do that, you can carry on', I would be more than happy to have the conversation with him."
Hodgson also remains keen to blood young, promising players and has called up Southampton duo Adam Lallana and Jay Rodriguez to his squad for the double-header of friendlies.
West Ham midfielder Ravel Morrison, discarded by former Manchester United manager Sir Alex Ferguson for reasons of temperament rather than ability, missed out but Hodgson is tracking his progress.
"From what I understand speaking to (West Ham manager) Sam (Allardyce) and the people at West Ham, this is a player who's changed himself quite a lot during the last few years so I certainly wouldn't want to be judging him on his past," added Hodgson.
"I want to judge him on his present and there will come a time, I am sure, where he will become part of an England squad, and if I am lucky enough to be coaching that squad I will get to know him then.
"He is someone we watch and think about. On this occasion, I prefer that he plays the U21s and that we keep faith with (Ross) Barkley in the first national team.
"But that doesn't mean to say that Barkley will always be in the first national team squad and Morrison will always be in the U21s."