Hodgson has made it clear that the Baggies have no plans to part with Mulumbu, especially as he is tied to the club until 2014.
"I don't know if there has been any contact between Fiorentina and our board regarding a deal for Mulumbu," Hodgson told Corriere dello Sport.
"I only know that if anyone is interested, they should be talking to my bosses because the player doesn't have a voice in this situation.
"Youssouf has a long contract that has to be respected and he has given no indication that he plans to break that commitment.
"Talk of a transfer is just fantasy at the moment.
"I think it will be very difficult for anyone to take him. I think in the end Mulumbu will not go, at least not for another year.
"A lot of big international clubs are looking at him but if West Brom do not give them the green light, he will remain a dream for everyone."