Zaha, who has four years left on his Palace contract, cast doubt over his future last week by revealing his desire to play Champions League football.
Eagles manager Hodgson insists his talisman is happy at Selhurst Park, but concedes he would be unable to block a move should the club’s board receive a large transfer bid.
“I’m not ruling out the fact that something like that could come up when we sit down – it would be wrong to do that,” said Hodgson.
“The point is that no one at the club has really got any interest in selling Wilf Zaha, so we’re rather hoping that we won’t get those offers. But I’m realistic and it would be a club issue.
“If the bids don’t come to me any more, the bids come through the chairman himself (Steve Parish) or through (sporting director) Doug Freedman, if one day they call me in and say ‘Look, this is the situation’ – I shall be in their hands basically.
“I don’t have the power to veto any decisions of that nature.”
Zaha, in his second permanent spell at Selhurst Park following a short unsuccessful stint with Manchester United, has contributed nine league goals and three assists for Palace this term.
While former England boss Hodgson does not wish to see the Ivory Coast international depart south London, he believes it is important for footballers to be ambitious.
The 71-year-old wants all of his squad to aspire to play Champions League football and feels it is “not an impossible dream” for them to do it with Palace.
“I think if you’re in the Premier League and, at the moment, you find yourself sitting in 11th position, I’d like to think all of the players would be able to say they’d like to play in the Champions League,” said Hodgson.