Surprisingly, Manchester United midfielder Michael Carrick has been included in Hodgson's 22-man squad. The 31-year old midfielder made his first appearance back in 2001, while he last played for his country against Mexico in May 2012.
Carrick, who has won four Premier League titles and a Champions League at Old Trafford, withdrew from the Three Lions squad after not playing a single minute at the World Cup two years ago. But despite the injuries to Frank Lampard and Gareth Barry Hodgson picked Jordan Henderson.
Meanwhile, England face the Azzurri who knocked them out of the Euro 2012 quarter-finals on penalties. Chelsea's Lampard has been recalled while Hodgson retained only three players who started the Euro 2012 quarter-final defeat - goalkeeper Joe Hart, James Milner and Ashley Young.
Goalkeepers John Ruddy and Jack Butland have been included while apart from Gerrard, Terry and Rooney, the likes of Ashley Cole, Glen Johnson, Scott Parker (injured) and Danny Welbeck have not been picked.
Andy Carroll, who scored England's opener in their thrilling 3-2 win over Sweden, is likely to start against Italy and either Hart or Lampard could be named captain. Chelsea forward Daniel Sturridge, who missed a penalty as South Korea eliminated Team GB at the Olympics, is included.
A total of 10 players have been picked from England's Euro 2012 squad, while five members have been selected from Stuart Pearce's Team GB squad.
England squad against Italy
Goalkeepers: Jack Butland (Birmingham City), Joe Hart (Manchester City), John Ruddy (Norwich City).
Defenders: Leighton Baines (Everton), Ryan Bertrand (Chelsea), Gary Cahill (Chelsea), Steven Caulker (Tottenham Hotspur), Phil Jagielka (Everton), Kyle Walker (Tottenham Hotspur).
Midfielders: Michael Carrick (Manchester United), Tom Cleverley (Manchester United), Frank Lampard (Chelsea), Adam Johnson (Manchester City), Jake Livermore (Tottenham Hotspur), James Milner (Manchester City), Alex Oxlade-Chamberlain (Arsenal), Jack Rodwell (Everton), Ashley Young (Manchester United).
Forwards: Andy Carroll (Liverpool), Jermain Defoe (Tottenham Hotspur), Daniel Sturridge (Chelsea), Theo Walcott (Arsenal).