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Rooney reportedly spent Tuesday's closed training session at England's Urca base playing in the No.10 role or alongside striker Daniel Sturridge.
His place in the team has been under threat following his patchy display in England's opening defeat to Italy.
Sterling, who impressed though the middle against Cesare Prandelli's side, said he would have no problem being moved to the wing because that is his natural position for Liverpool.
He told a news conference: "It is up to the manager to decide. That is my normal position, so with Wayne's vision and his passing ability and my running ability, it could be a really, really good thing.
"I would be happy to play anywhere the manager puts me. I am a team player. I will be working for the team regardless of which position I play in. We have been working really hard to try to do some interchanging with the positions.
"I don't think Wayne or anyone else has been moved to the side for me. I just think that the manager thought at the time that was the best thing to do.
"I don't think the team [against Italy] was built around me necessarily. I just think the manager thought that was the right position for me at the time, with my pressing and my closing down. I don't think he changed anything for me."
While Sterling is more used to playing alongside Luis Suarez at Liverpool, the 19-year-old said he had always looked up to Rooney.
The Manchester United striker trained with England's reserves on Monday and was one of the last to leave the field on Tuesday as he tries to prove to Hodgson he is worthy of a place against Suarez and his teammates in Sao Paulo on Thursday.
Sterling said he was keen to learn from Rooney and described it as a "real honour" to play alongside him.
"Some of the stuff Wayne does with the ball, you try to take little clips out of his play and try to learn from that," he added. "He is a world-class player.
"He is someone I look up to, so to have trained with him at this camp has been a real honour. He works really hard and is always improving as well."
Luis Suarez must play against England
ESPN FC's Craig Burley highlights the potential impact Uruguay's Luis Suarez can have on the upcoming must-win match against England.
Sterling display gives England hope
Despite losing 2-1 to Italy in their World Cup opener, England are still hopeful of progressing after a promising display.
Fighting for a spot
It's a must-win match for both Uruguay and England when they face each other in Sao Paulo.