And Hodgson believes the experience of the 35-year-old will be vital as England line up against Italy, Uruguay and Costa Rica in their group games.
The England boss is quoted as saying:
Frank’s been the vice-captain all along in Steven (Gerrard)’s absences, which I think has been two, he’s stepped up quite brilliantly.
I’ve always thought that he was going to be a key member of this 23 because of his experience and what he brings to the team apart from pure footballing ability.
He brings a lot of other things to us in terms of his leadership qualities and characteristics.
Lampard has won three Premier League titles, four FA Cups and the Champions League during his career with Chelsea.
That experience will be a vital component after Hodgson picked a relatively youthful England squad for the finals in Brazil earlier this week, as Jack Wilson of the Daily Star reported.
Luke Shaw, Ross Barkley and Raheem Sterling were included in the World Cup squad for their first taste of tournament football after impressive Premier League campaigns with their clubs this season.
But Lampard is no stranger to the high-pressure matches and will be an ideal presence as No. 2 to Gerrard in South America.
The Stamford Bridge legend has 103 senior caps to his name and has previously skippered the national team on six occasions, most recently in the friendly defeat by Chile at Wembley in November 2013.
Lampard will also have a point to prove after being on the wrong end of one of the worst refereeing decisions in World Cup history.
The midfielder's strike against Germany in the last 16 match in South Africa four years ago clearly crossed the line to pull England level with their opponents.
But the match officials did not see the effort cross the line and disallowed Lampard's "goal," as Henry Winter of the Daily Telegraph reported at the time.
Now, however, Lampard will be looking to channel that disappointment and his experience into ensuring the youngsters in the England squad can reach their potential in Brazil.