Chelsea full-back Cole will reach a century of appearances for his country when the Three Lions face Brazil in a glamour friendly at Wembley on Wednesday.
The 31-year-old is still widely recognised as world football's standout performer in his chosen position and has been a virtual ever-present for England since making his debut in 2001.
Hodgson, though concedes that Cole faces stiff competition from Everton's Leighton Baines heading forward and admits he will have tough decisions to make in the near future.
He said: "If Ashley is fit he will play on Wednesday and get his 100th cap.
"But there will come a time when both are fit for an important match and I will have to disappoint one of them.
"They will just have to fight it out and I'm sure the competition between them will be fierce.
"Then I'll have to make a decision.
Hodgson added: "Leighton proved himself to me during the Euros and since then when he's played a couple of games in Ashley's absence.
"So he doesn't have to do anything. He knows that he's capable of playing for England at left-back.
"Just as Ashley knows he's capable and he's proved it with 100 caps."