The Liverpool ace, who turns 34 in May, has previously stated that he would make a decision on his Three Lions future after the tournament in June.
"I don't know if he necessarily couldn't [play beyond the World Cup]," Hodgson told Sky Sports News.
"He will be 34 in May so he will be getting on for 36 [by the start of Euro 2016], so I think a lot will depend on him and how he feels, and depend on how he is playing. At the moment there has been no slowing down in his play.
"Who knows what the future will bring. I don't have a strong feeling about that one way or another. Time will tell."
Gerrard has earned 108 caps for England in his 14-year international career thus far.