A report published in Friday's Daily Mail claimed the Football Association is lining up an approach for top target Redknapp.
It went on to claim Hodgson is considered an alternative to Redknapp should the Tottenham manager rebuff the FA's advances or his club choose not to let their manager go.
The report also suggested a move for Fabio Capello's successor had been pencilled in for late April, but ESPNsoccernet understands the FA has no particular timeframe in mind other than, as previously indicated, to make an approach around the end of the domestic season.
It is believed Spurs would consider releasing Redknapp from his contract only if offered substantial compensation, while such an expense would not be an issue with regards Hodgson as he is out of contract at West Brom in the summer, yet the FA remains open to other candidates at this stage and could still make a leftfield appointment.
"The message remains the same. No-one has been spoken to and no-one has been approached,'' an FA spokesman said. "We are quite happy with where we are."