The defenders are both facing FA charges but the Three Lions coach has insisted he will still consider them for selection as long as they are not ruled out by lengthy suspensions
After being found not guilty of racially abusing QPR defender Anton Ferdinand, Rio's brother, in a criminal court, Terry now faces investigation by the national association.
Ferdinand, meanwhile, has been charged with improper conduct after responding to a message posted on Twitter calling Chelsea defender Ashley Cole a "choc ice" in the aftermath of the Terry case.
The term can be considered racially offensive and is understood to mean that someone is black on the outside and white on the inside, but Ferdinand called it "classic" and later denied the charge.
"John Terry has been through a charge in a court, now he has to go through the process the FA have embarked upon," Hodgson told Sky Sports News.
"The same applies to Rio. As far as I am concerned, it is a disciplinary matter, which the FA will take care of.
"As long as they don't suffer enormous bans that will keep them out of my thinking there is no reason for me to believe I can't consider them in the future. And obviously I will."
Hodgson also explained his decision to recall Manchester United midfielder Michael Carrick, who had been left out of the country's Euro 2012 squad after the former West Brom manager was told he did not want to be considered for selection.
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"Michael Carrick would have always been in our thinking," Hodgson added.
"I was given to believe he didn't want to be part of the England set-up. He didn't want to be considered for the Euros so I reluctantly thought if people are not available they are not available.
"He has had discussions with Gary and me since and it turns out that he does want to play. This is an ideal opportunity to invite him to come and play for England again.
"There has never been any doubt that Carrick has not been in our thoughts or our wishes. It was more a case of believing he wasn't available for England and it was a final decision."