Butland signed for £1million from Stoke City during the last transfer window but is yet to play a game for Palace with Vicente Guaita in fine form and keeping his place as No1.
Hodgson has ruled out Scott Dann and Gary Cahill at the back while the Palace manager is resigned to being without Jeffrey Schlupp for a significant amount of time after he was forced off against Sheffield United.
“The medical staff are never prepared to do that, but he’s certainly going to be missing a number of games,” Hodgson said.
“We’ll just have to do the best we can. It is a muscle strain. He’s got good powers of recovery and we hope he’ll have them again.”
Crystal Palace predicted XI (4-4-2): Butland; Clyne, Tomkins, Sakho, Van Aanholt; Townsend, Riedewald, McCarthy, Meyer; Ayew, Batshuayi
Last meeting: Wolves 2-0 Crystal Palace
Crystal Palace squad from: Guaita, Butland, Henderson, Van Aanholt, Mitchell, Tomkins, Ward, Clyne, Kelly, Woods, Meyer, Kouyate, Townsend, McArthur, McCarthy, Riedewald, Kirby, Eze, Ayew, Zaha, Batshuayi, Pierrick
Injured: Ferguson (knee), Hennessey (thigh), Wickham (thigh), Cahill (hamstring), Dann (hamstring), Schlupp (hamstring), Milivojevic (back)