Gerrard's club manager Brendan Rodgers claimed earlier this week that the Reds captain may call time on his international career after the tournament in Brazil.
The player himself has also indicated previously that he expects this World Cup to be the last one he is involved in, but Hodgson remains hopeful that the Anfield favourite would still be available to help England qualify for the European Championships.
The England boss said: "I don't know if he will retire (after the World Cup). I haven't given that any thought. It's a bit too far in the future to really consider.
"As a coach, I will always be trying to keep the players who I think are the best available and want to play for England.
"Who knows, after the World Cup if Steven does say, 'I want to retire', and I still think, 'No, don't do that, you can carry on', I would be more than happy to have the conversation with him."
Gerrard will become England's third-most capped player if he plays a part in the upcoming games against Chile and Germany, and the prospect of surpassing Peter Shilton's all-time record of 125 caps may also give him further motivation to carry on for a while yet.