The Football Association are set to name Hodgson as the next Three Lions coach on Tuesday, despite the Spurs boss having been the long-term favourite to succeed Fabio Capello.
And speaking ahead of the Trotters' meeting with Redknapp's side on Wednesday night, Coyle believes that with the FA reportedly facing costs of up to £10 million to secure the former West Ham boss’ signature, they have instead plumped for the cheap option in Hodgson.
“From the outside looking in it was always difficult for it to happen — only because of the finance involved in terms of what the compensation would be,” Coyle told reporters.
“I’m led to believe it’s a huge sum. At the end of the day, whatever it is, Harry Redknapp has seen it and done it in football. He is a terrific manager and a man, somebody I have a lot of time for.”