The 24-year DR Congo midfielder is being heavily linked with a move to Italian club Fiorentina but Hodgson is sure the Baggies' reigning Player of the Year will be at The Hawthorns next season.
"Youssouf Mulumbu has a long contract that has to be respected - and he has given no indication that he plans to break that commitment," Hodgson said.
"Talk of a transfer is just fantasy at the moment. It will be difficult for anyone to take him.
"Mulumbu will not go, at least not for another year."