Since his England sacking, Hodgson's representatives received two major offers from the Chinese Super League - one worth £8 million-a-year - while he has also spoken at conferences and coaching forums and taken TV work.
He said: “I think that if you say you want to get back but only in the Premier League, then you are just looking for dead men's shoes as well, which isn't a very pleasant situation.
“Most get the job because some poor devil has lost two in a row, perhaps through no fault of his own. Then you're thrown in to get them to win two or three games in a row.
“In my opinion, football and coaching does not work like that. It's a longer-term process and a process that comes about through your interaction with players that you are working with.
“At the end of the day, coaches have a certain importance but they will never have the importance of players. It is the players that you pay to watch and the players that win the games."