The Argentine international has been heavily linked with a reunion with former Reds manager Rafael Benitez at San Siro, with the player himself reportedly expressing his interest in playing for the Nerazzurri.
Liverpool skipper Steven Gerrard and striker Fernando Torres have already pledged their future to the club, but Hodgson believes that Mascherano will probably not follow in their footsteps.
“I think that will be slightly more difficult,” the Liverpool boss told Sky Sports. “If a big offer comes in for him and it is a club that he wants to go to, I think that will be harder.
“But the good thing for me at the moment is that we haven't had that offer and as a result I can continue to work with him and deal with him as a Liverpool player and consider him as a Liverpool player and just wait for the day, if the day comes, when the offer comes in.
“Then maybe if the offer comes in and it was the offer that meets our valuation and he wants to go, then I don't know that my powers of persuasion will be much good in that situation.“But maybe they will never be needed because we might not get the offer and he might stay with us.”
Liverpool have already begun searching for a replacement for the defensive midfielder and the Anfield outfit are said to be in advanced stages of negotiations with Christian Poulsen of Juventus.