The youngster is yet to earn a senior cap for his country, but has been discussed as a potential flyer for the Three Lions after scoring seven goals for United since making his senior debut in February.
But while Hodgson has been impressed by the 18-year-old's rapid rise to prominence, he feels there are a number of players in Rashford's position who have “more reason to be called up” than him.
"I think it would be a very bold decision to put him in," said Hodgson.
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"I think it would mean possibly leaving someone behind who at the moment, in my opinion, has more reason to be called up.
"But you never know. The fact is it would be foolish as well to say 'no, no, he's not ready - he can't do it'.
"I am sure he could do it.
"It's not inconceivable but it looks unlikely to me with the current players we've got and the competition for places in that area of the field."