Aarons was due to go to Huddersfield for a nominal amount before Friday's domestic deadline but the deal couldn't be settled in time.
But Hodgkinson insists the Championship club will come back for him.
"The deal for Rolando was ready to go but we didn't need to fill that position if the deal for Karlan didn't go through," he told Yorkshire Live.
"Ultimately it didn't go through until Thursday, at which point we set everything in motion with Rolando. He was already in the area, we did his medical on Friday, and we got on with the process and it was ready to go.
"It was just unfortunate that something happened very, very late on with minutes to go that meant that we just couldn't do it.
"It was just one of those things, not something we could have expected or provided for, but that's life and we've just got to accept that sometimes these things happen in football.
"I think we want to make sure we're signing the right players that make us better and we believed that Rolando would do that.
"Unfortunately we couldn't get it done and that's life and it happens, but we still are confident that he's the right player, so rather than bringing someone in at the last minute or bringing in someone else…he's our top target, he remains so, and what we'd rather do is get through the next 10 weeks to January and get it done then rather than bring in somebody that maybe doesn't tick all the boxes Rolando did."