Fabio Capello's successor will announce his 23-strong party at 1pm next Wednesday before facing the media at Wembley to explain his selections.
Hodgson could have delayed naming the squad until the UEFA deadline of May 29, but has opted to choose it ahead of a training camp in Spain and friendlies against Norway in Oslo and Belgium at Wembley.
He has yet to meet John Terry and Rio Ferdinand to determine whether they will feel comfortable being in the same squad.
Terry is accused of racially abusing Ferdinand's brother Anton, a charge which he denies, during a match at Loftus Road in October last year.
Then there is the issue of the captaincy after Terry was stripped of the armband for the second time. Scott Parker led the side out for Pearce's solitary match in charge against Holland at Wembley in February.
The squad will meet up on Monday, May 21 and travel to Spain for a training camp.
They will fly from Spain to Oslo for the Norway clash on May 26 and then be given two days off before meeting up again on May 29 to begin preparations for the game against Belgium on June 2.
Another two-day break will follow before the squad reconvene on June 5 and then travel to their Euro 2012 base in Krakow, Poland, the following day.