The England midfielder has made just two substitute appearances for the Blues this season under new boss Maurizio Sarri.
Loftus-Cheek had impressed during his loan spell with the Eagles last term, which saw him go on to make Gareth Southgate's World Cup squad.
"I've answered this question before (on potentially re-signing Loftus-Cheek). I can't answer the question 'is that something you're looking at' because how can I look at it? He is a Chelsea player," Hodgson said.
"I have no idea if he is going to be available in January, so what can I look at?