The Nigerian forward has scored 10 goals so far this season, the second most of any player in a bottom-half Barclays Premier League team.
His performance during Albion's 2-1 win over Liverpool was particularly eye-catching, as although he failed to score, his pace and skill led him to be brought down for both penalties.
Hodgson paid tribute to Odemwingie, and was asked if he would have to brace himself for offers for the 29-year-old later in the year.
scouting radar
"Perhaps, but I'll worry about that when the time comes," he said.
"Whatever happens after the season finishes I'll concern myself with at that time.
"Peter's been an excellent signing for the club.
"I knew of him at Fulham, when I was working there he was on our scouting radar.
"We were interested in him, but didn't need a centre forward at the time."
Hodgson believes that no matter how many goals Odemwingie scores this season, he will be judged by how the team performs as a whole.
The manager continued: "He'll be pleased with his season so far, but I hope he's going to agree with me that the only way he can really be satisfied is if he does well for his club and his club stays in the league."
