After almost two months in the treatment room, Palace received a boost last week when the Ghana international resumed training, although he was excused from the clash with Tottenham Hotspur over match-fitness concerns.
But now, the 25-year-old is all but set to make his first appearance for the Eagles since picking up a knee injury against Brighton and Hove Albion in January.
“I said last time that Jeffrey Schlupp and Martin Kelly were close to returning to full training,” Hodgson said, as reported by his club’s official website.
“I think they had done one session with us before the Spurs game, but they have trained all week and I am counting on those two being fit but they are the only two that are back in contention.
“All the other ones [including Wilfried Zaha] that were out are still injured."
Schlupp had been expected back in action earlier but a surgical operation extended his layoff period.
He had been a key feature of Hodgson's set-up since the former England manager replaced Frank de Boer in September.
The German-born, who joined The Eagles from Leicester City in January last year, has made 19 Premier League appearances, involving 18 starts, so far this season.