The centre-back is set to face a disciplinary hearing regarding the use of alleged racist abuse towards QPR defender Anton Ferdinand, an accusation Terry was cleared of at Westminster Magistrates' Court in July.
And Hodgson, who is set to name his England squad for the double-header on Thursday, has revealed that he will recall the Chelsea captain to his squad if the defender is fit.
"As far as I know, I can select him at the moment, and I will be selecting him,” Hodgson said at an event at the Honourable Artillery Company in the City of London on Friday.
"I don't really have any comment about the rest of it.
"Time will take its toll. I just know I can select him."
The decision to include Terry could be taken out of Hodgson’s hands before the squad announcement if the Football Association – who have not made the date for the hearing public -find the 31-year-old guilty of the allegations put against him by Ferdinand.