The Argentina captain has reportedly been on the verge of a move to join former Reds boss Rafael Benitez at Inter Milan for some weeks now but Hodgson has eased any fears and says the player will only leave Anfield on his terms.
“If an offer comes in that is commensurate with his value, that is one thing, but Javier does not expect us simply to allow him to walk out of here,” said Hodgson.
“In an ideal world, I would not even be entertaining the idea of listening to any offers, regardless of the amount. It is only because of the promise made to him, amid all the interest from Barcelona a year ago, that we have been prepared to go this far.
“The fact is, he lives alone in Liverpool, because his wife never settled, so it would benefit him and his family if he moved to another country.
“But he’s the best in the world at what he does, so a club have to make an offer that reflects his status.”