But he says he was so impressed with the West Bromwich Albion "project" he decided to accept the offer.
"It was not my intention to return to Barclays Premier League football this quickly," said Hodgson.
"But I was so impressed by the way the chairman [Jeremy Peace] and the sporting and technical director [Dan Ashworth] sold the project to me that I was very happy to accept the offer.
"I am delighted that a club of West Bromwich Albion's stature has given me the opportunity to help them in their quest to retain their Premier League status and to build for the future."
Peace insisted Hodgson was always Albion's first choice.
"At such a vital stage of the season, we felt it was important we identified and appointed the right man as quickly as possible," he said.
"Roy emerged as the outstanding and unanimous choice of the football club board and we are delighted to have appointed our number-one target.
"We believe his vast experience and knowledge of the game is exactly what we need for the challenge we face, both in the short and long term."