"In the summer, the club received at least one bid they didn't feel was the right one to accept and he - unfortunately, if he chooses to see it that way - had to respect the three or four-year contract he signed with the club," said Hodgson.
"I don't read quite that much into it as a manager as you do sitting on the other side of the table.
"There is no drama and those players are always going to be coveted by other teams.
"But when you sign a long-term contract as a player with the club, you have to accept that the chances are that the club won't accept bids and the club will say to you, 'no, you signed a three-year contract and we expect you to play for the club for three years'.
"I don't see quite where the massive drama is in that, personally."
He added: "We are pleased to have him with us still and I am very much counting on us having him still.
"But you never know, that is all I would say. I don't go out and make bold statements to say we will never get another bid for Wilf Zaha, which the club will have to take into consideration.
"When you are a club like us, with a player like him, there will also be the risk that bids and other attempts to prise him away will happen to you.
"Fortunately, we have been able to bat those requests away. We have to take each situation as it comes and I hope there won't be any bids for him but if there is one, it will be for the club to take into consideration what the right thing is to do."