The Hornets are staring down the barrel of relegation, and sacked Claudio Ranieri with less than three months in charge to try and save their season.
Hodgson, for his part, is not interested in transfer market solutions, as he believes improving the output from their current players is the main priority.
"I haven't seen all the players yet to be frank - there are players injured and players away in the Africa Cup of Nations so I couldn't even say," Hodgson said.
"On paper, the squad is a very big one, they have a lot of merits otherwise they would not be representing their countries as they are at the moment, so it is far too early to say.
"But that isn't my major goal anyway. I have five months. My goal is to help the club stay in the league and basically I am more than happy to do that with the players that are here already.
"And if the owner decides he wants to present somebody else, of course we will look into it, but there will be no knocking on his door from my point of view, saying we should do this and that, because it's far, far too early.
"As everybody knows there are a lot of talented players at the club. There has been a recruitment spin from South America, through Europe and through Africa and some very good footballers have been brought to the club, but to win matches you don't just need talented footballers you need to get the team working and the feeling if you like between the players and the knowledge of their roles, and what is required of them.
"That is always something that needs to be worked on but I have got no doubt that if we can make an indentation into that the players have the physical ability and the technical ability and the skills required."
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