The 29-year-old will win his 100th cap when his side face Slovenia in a Euro 2016 qualifier on Saturday.
Rooney will join Peter Shilton, David Beckham, Steven Gerrard, Bobby Moore, Ashley Cole, Bobby Charlton, Frank Lampard and Billy Wright in earning at least 100 caps for England.
Hodgson said every member of that group deserved to be considered great.
"Any player that has played 100 times for England [is great]," he said on Friday.
"You can even go further than that. You could take it down to 75 caps if you wanted. All those players deserve the epitaph 'great'.
"After that we can debate it until the cows come home what greatness is. But, certainly the way I understand the term, anyone who plays 100 times for England is a great player."
Rooney said there was no way he deserved to be mentioned in the same bracket as Charlton and Moore, who were part of England's 1964 World Cup-winning team.
The Manchester United striker would love to become a World Cup winner.
"I think that [being mentioned alongside Charlton and Moore] is still a long way off," Rooney said.
"Certainly those two players you mentioned a World Cup winners. It's not everyday someone can say that. That is what I'd really like to join. Winning the World Cup.
"That would be amazing of course if we can do that. Again, to play for your country so many times is a great achievement and I truly am honoured to be able to do that."
Rooney said he was proud to have reached 100 caps, but his goal was to win trophies with England.
"There have been some good moments and bad moments," he said.
"It's been a great honour to play for England and it's something I want to carry on doing for many more years.
"I think the ultimate goal is to win trophies. It's something that we are working towards doing.
"To get 100 caps and to join the players who have reached that is a great honour for me and something that I am extremely proud of."
