Rakip, 22, joined Palace on loan from the Portuguese giants in January, but has only appeared for the Eagles U23 side.
And Hodgson admits competition for playing time means it is unlikely the situation will change before the end of the season.
"I don't know (if he will play)," said the boss.
"He is playing in a position where the competition for places is enormously strong and you'll only see him if I think he will help us win the game.
"You won't see him out of any sentimental reasons, that it would be nice to give him a game.
"He doesn't expect that, he's a Benfica player, I would like to hope and I think he has improved as players since he came here.
"It's a big step up from the Swedish league into the Premier League. It's a big step from the Swedish League top the Portuguese league and whatever happens next season, he will be stronger for the experience."