Souare last featured for the Eagles in their 1-0 win over Grimsby Town in January 5 after suffering a shoulder injury.
Having recovered from the setback, he has joined the rest of the team in training as they prepare for their clash with the Hornets and is in contention to make his fifth appearance this season.
For Sako, who returned to Palace in January after leaving for Championship side West Bromwich Albion has only made one appearance this term for Palace [against Fulham] because of a calf problem.
The Mali international has not trained for few days as a result of the injury and it is yet to be seen if he will recover in time for their tie at the Vicarage Road.
"Pape Souare joined back in training on Monday and has trained all week. It's good news: his shoulder’s okay,” Hodgson said in a pre-match conference.
“Bakary Sako hasn’t trained for the last few days but he's not far from being fit. He picked up a minor calf problem.”
A win at Vicarage Road will see Crystal Palace advance into the semi-final of the competition.