"Arsene's career has been second to none," said Hodgson, whose side take on the Gunners at Craven Cottage on Saturday.
"He's a first-class manager and coach and all the praise that has been showered his way is praise that, for me, has been fully deserved."
"I was watching Sir Alex Ferguson at Sir Bobby Robson's memorial service and there was still that enthusiasm and passion that still emanates so clearly from him when he speaks, and Arsene is in the same situation," Hodgson said.
"Other coaches get tired and they retire. It all depends on the person's energy levels and I can't see Sir Alex's energy levels ever sinking and it is the same with Arsene."