The 33-year-old Ashley Cole had made 107 international appearances but fell out of contention for England after losing his starting spot at Chelsea this season.
Hodgson was calling his players on Sunday night ahead of Monday's formal announcement of the squad for Brazil.
Cole wrote on his Twitter account: ``I got the call from Roy and agree England team should be about the young players. I think it best I retire from England team now.''
Ashley Cole's omission raises the prospect of Southampton teenager Luke Shaw being the back-up to first-choice left back Leighton Baines.
Cole tweeted that Baines and Shaw ``are the future of this country.''