Hodgson's team conceded four goals in two friendlies in the past week, claiming a 3-2 win away to Germany before losing 2-1 to Netherlands.
Gary Cahill and Chris Smalling started in the heart of the defence in Berlin before the latter was partnered by John Stones at Wembley.
But centre-back remains an area of concern for Hodgson ahead of Euro 2016, where England will face Russia, Wales and Slovakia in Group B.
"There are, in my opinion, no left-sided centre-backs who are English playing in the league who are at least at the level of the ones we are choosing and that's a fact of life and there's not much we can do about it," he told reporters.
"The point that we haven't got the left-sided one is quite right, but there is nothing I can do about that unless suddenly in the next five weeks some brilliant English left-sided centre-back appears on the scene and I don't anticipate that."
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Terry retired from international football in late 2012 and the Chelsea defender has struggled with injuries this season.
Hodgson revealed he had spoken to the 35-year-old, but rarely considered asking Terry to come out of retirement.
"I had a long chat with John the other day, he's a very nice guy," he said.
"But because he retired so long ago - he retired four years ago - he doesn't feature in my thinking too often.
"But I can't deny that is a valid point. He is a left-sided centre-half, although not a left-sided player. He's right-footed."