Manchester United left-back Shaw has missed a major part of the current campaign due to a serious leg injury while Arsenal midfielder Wilshere has not played a game because of his own leg issues, but the duo are expected to miss the Euros in France later this year.
However, England boss Hodgson is still hopeful of having Shaw and Wilshere in contention and believes that the two young stars will return to full fitness by May which gives them a chance of proving their fitness for the Three Lions.
The 68-year old said: "We're still monitoring Luke Shaw – I know he's making good progress – and we're monitoring Jack Wilshere.
"Hopefully by May, when I really have to make a decision, they'll be available for selection.
"Our doctor speaks to their club doctor, and we were told that it was probably going to take six weeks - at the very, very worst or could take a week or two more, which would take him into the first week of April."