Ferdinand confirmed his omission to The Sun newspaper after being told by Hodgson he had not made the cut for his 23-man squad, which is due to be officially announced at 1:00 pm (1200 GMT) on Wednesday.
Asked if it was true he had not been picked, Ferdinand was quoted by The Sun as saying: "Yes."
Ferdinand's failure to make the squad means Chelsea defender John Terry is expected to travel to Poland and Ukraine after all.
Terry had been tipped to miss out with Hodgson harbouring reservations that the centre-half could co-exist in the same squad as Ferdinand, who has accumulated 81 caps since making his debut in 1997.
Terry is facing a July court case on allegations he racially abused Ferdinand's younger brother Anton, accusations he strongly denies.
In other squad news, Tottenham defender Kyle Walker has also been ruled out of contention after breaking a toe in Tottenham's game against Fulham, several newspapers reported.
Liverpool's Glen Johnson and Manchester United's Phil Jones are expected to earn call-ups but there is no place for Manchester City's Micah Richards.
In another surprise move, Hodgson has scrapped England's plans to head to Spain next week for a four-day planned training camp in Spain ahead of the May 26 friendly in Oslo.
An FA statement said plans to travel to a resort near Malaga had been cancelled in order to give the players more time to rest.
Rio Ferdinand not to be picked for Euro: Reports
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