The transfer window for EFL clubs closes next Friday.
"We don't have that many players and if we let go of those players we might struggle to get a team out," said Hodgson.
"We have got a small squad here. We have added three and lost five from last season so I am not anxious to loan players.
"We are going to have to look at the situation and ask can we afford to let this player to go? Much as they might not be first choice and they would relish to get more regular game time they are contracted to us."