Mascherano has been linked with a move to the San Siro since former Reds boss Rafael Benitez took charge of the European champions earlier this summer and the unsettled midfielder expressed a desire to leave Anfield for personal reasons when he reported back for pre-season training after the World Cup.
Liverpool have said they will only sell if they receive an appropriate bid for the £25 million-rated player and Hodgson has made clear his desire to keep the 26-year-old.
Dirk Kuyt has also been linked to Inter - by his own agent - but Hodgson has spoken to the Serie A club's president personally.
''I spoke to Massimo Moratti about the fact they are not going to buy Liverpool players. I believe they were only interested in two of our players and they are not going to buy them. Moratti said they are not going to do that,'' he said.