Asked if he had a hunch what his decision would be, Gerrard said: "Not at the moment, I need time.
"I've agreed with the manager I'm going to speak to him in a few weeks' time."
Hodgson has received the backing from Football Association chairman Greg Dyke.
The manager said: "I am very pleased of course that Greg and the board have come out and backed me to continue.
"We are midway through a term, there's lot of work to be done, but I think we are on a good path. I am very pleased I am going to be the man leading (the team)."
He added: "It means a lot because the job means a lot to me. It's a fantastic job, it's a privilege to have it.
"I am very pleased to have had that backing. Scapegoats are always necessary in times of failure, one understands that. But one would like to think the work that you do is judged over a long period of time."
Hodgson said it would be "absolutely the wrong time" to talk about his future after 2016.
"I am recovering from a very bitter experience, a very raw experience," he said.