The 30-year old Nigerian striker has struggled for fitness this term after netting 15 times for the Baggies last season and Hodgson admits that the plan to play him along summer signing Shane Long has not panned out the way the club hoped.
He also indicated that the likes of Somen Tchoyi, Simon Cox and Marc-Antoine Fortune are in line ahead of him.
"In our dreams at the start of the season we saw them both playing," said Hodgson. "But we have not realised that dream as yet.
"Peter's performances have been sporadic and he has had a lot of injuries and interruptions.
"So, we have yet to see what those two are like together properly. We won't know that until Peter is able to declare himself fit.
"He might struggle to get back into the team because Tchoyi has not done badly in the games he has played, Cox is a current Ireland international and Fortune, in the games where I have given him a chance, has not let the club down.
"It is something that gives me great hope for the season. It does not matter how well you play as a football team, if your goalkeeper does not make the saves and your front players are no good then you cannot win. That is the bottom line."