Shaw, 20, has been sidelined since September, when he suffered a broken leg following a shocking tackle from PSV defender Hector Moreno.
However, Hodgson still believes Shaw could be available for the European Championship in June and July.
"Luke's in the same position as Wayne Rooney and Jack Wilshere," he told reporters.
"Luke Shaw's a player we believe in, we think is an excellent talent. We think he will be a major competitor with the other left-backs for a place in the squad.
"All that remains is for him to get fit enough to be selected."
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Hodgson said just whether Shaw could feature at the tournament would ultimately depend on United and manager Louis van Gaal.
The former Southampton defender would need to prove his fitness before Hodgson names his squad on May 12.
"If they decide they don't want to risk him in the final games, they want to hold him back, they want to give him a pre-season to get 100 per cent fit, there's not much I can do," Hodgson said.
"I would understand it, but I would be a little bit disappointed in that I think the player deserves the opportunity if he is fully fit to be given a chance of being selected.
"Luke did not put a timescale on it when I spoke to him.
"We'll keep a very close eye on the matter and the moment he's back playing, if it's before May 12, he'll join that long list of players that I will choose from."