The Portugal international tallied 34 per cent of your votes in an exclusive poll on this website.
It comes after a month in which Meireles took centre stage following an injury to Steven Gerrard, making a total of six appearances.
Hodgson told Liverpoolfc.tv: "It's absolutely a good decision. He's played extremely well, hasn't he? In the last month or so he's come to terms with what English football is, compared to what is a different style of football in Portugal.
"It takes a couple of months for a player to bed in and he's certainly done that extremely well.
"If anything we'll get even more from him. He's a quality player. He's all action, an all-round player.
"He and Lucas have done extremely well together. I'd be more than happy to keep him in the centre of midfield. I might have a difficult decision to make when Steven gets fit as to where to play him."
Meireles added: "I'm very proud to win this award. I would like to say thanks to all the fans who voted for me, but the team is the most important thing for me and I think we had a good month."
Fernando Torres came second this month with 27 per cent of the vote, followed by Lucas Leiva in third with 15 per cent.
Every month you'll get the chance to vote for the Standard Chartered award - and the winner will be presented with a brand new trophy courtesy of our main club sponsor.