The 34-year-old's agent revealed last month that the midfielder would not be offered a new contract at Stamford Bridge come the summer.
"I hope we'll keep Frank in England," Hodgson told reporters. "It's not for me to discuss his future with his current club, that's for him and his club.
"I know he'll have a lot of offers if Chelsea do decide they're prepared to let him go.
"I'm rather hoping we'll still see him, if not in England then Europe which will make my task easier. But the further afield you go, the more problematic it gets for the media and the England manager to follow you."
Lampard scored the winning goal for England in Wednesday's friendly victory over Brazil at Wembley Stadium.