Despite being two of England's most experienced midfielders, Gerrard and Lampard have often failed to form a successful partnership when paired together, but Hodgson has insisted that he would be comfortable in selecting both players.
Hodgson told reporters: "They're both very good players. It's simple. They haven't been together in my time as England manager and I don't see any obstacles as to why they can't play together in the England team.
"If they do play together, what are they going to play like? That's something for Steven and Frank to decide, because if they do get the chance to play together, they'll have to take their chance and play well.
"I'll make my own judgements. If they play together then I'll decide whether the past judgements are correct."
England begin their World Cup qualifying campaign against Moldova on Friday night.