Hodgson said: "I'd like to see Chelsea win of course, like everyone else. I think it will be close, a lot closer than some pundits are predicting.
"Most people are writing them off as the underdog.
"I don't see them as the underdog at all, they have done extremely well to get to the final.
"They've eliminated the favourites to win the tournament in Barcelona and did it with two splendid performances home and away.
"If they can get anywhere close to reproducing those performances they have a good chance."