The 34-year-old has been selected for the national side's World Cup qualifiers against San Marino and Montenegro this month.
Ferdinand has not won a cap for the Three Lions since June 2011 and Hodgson has suggested that he will play a major part in both matches.
"I've been following him for quite a while now," Hodgson said in a press conference. "Obviously he's playing well, his team are doing extremely well.
"I just think that this is the moment to select him because he certainly deserves it on his current form and he'll help us win the two matches."
Meanwhile, West Bromwich Albion goalkeeper Ben Foster has been brought into the squad after coming out of international retirement.