The 21-year-old is still recovering from a hamstring injury that kept him out of his team's FA Cup victory over Doncaster Rovers last Sunday.
Wan-Bissaka has been a regular fixture for Crystal Palace this season having played in all but one of their league matches.
Ahead of Saturday's trip to the King Power Stadium, Hodgson outlined the absence of the DR-Congo descent alongside defender Martin Kelly as the only injury worries in his team as they aim for their eighth league win of the season.
"We won't have Aaron Wan-Bissaka, he's still recovering from the hamstring problem that he's been suffering from and we won't have Martin Kelly, who picked up a slight muscle strain in the game against Doncaster," Hodgson said in his pre-match conference.
"We don't think it's a long-term injury, but unfortunately he's not recovered from that [in time]."
"They're the two injury problems we have."
Crystal Palace are currently placed 13th in the English top-flight log with 27 points from 26 matches - three points adrift of the drop zone.