Asked to share his views in the Palace v Manchester United press conference, Hodgson expressed his desire for England to host its second World Cup since 1966, saying the country could make it a "fabulous" tournament.
Reacting to the news that the Government will pledge £2.8m for a joint 2030 World Cup bid with the football associations of England, Scotland, Wales, Northern Ireland and the Republic of Ireland, Hodgson said: "I'm delighted. It's wonderful news. I think England has everything needed to host a fabulous World Cup.
"We still do believe to some extent it was us who exported the game to many countries and so we always have that in our locker. The 1966 World Cup was such a fantastic occasion but it was a long, long time ago.
"To wait to 2030 is more than long enough to give England a go at the World Cup again – with all the stadia we have and the ability we have to welcome people to the country and house them, it has the makings of a fantastic World Cup.
"I really do hope the Government give as much to support to it as is going to be needed to make certain FIFA decide we're the country who deserves it."
Having led England to the 2014 World Cup as manager, Hodgson was also asked to reflect on his own experiences and explain what England needs to do for a successful bid.
He said: "It's going to be very important for England to realise a lot of work needs to be done behind the scenes. You do have to make friends and show you’re good people so they want to have you around. Maybe in the past we haven’t done as much on that front as other nations.
"My advice is to use these 10 years to make certain when our name is mentioned a smile comes to people’s faces rather than a frown."