The Cottagers narrowly avoided Premier League relegation last season with a final day victory over Portsmouth and Hodgson, who joined the club in December 2007, is eager to bolster his squad to avoid a repeat performance.
"The recent signings in terms of transfer fees have not been costly," Hodgson told Sky Sports News.
"We have other transfer targets on the market.
"It has been quiet, but that doesn't mean that clubs out there don't have targets and are not working behind the scenes.
"We, like others, are working behind the scenes to try and bring in the players we have identified."