The England youngsters have been drawn against Croatia in a two-legged playoff which takes place next month to determine whether they will feature at the tournament.
With the senior side coming under much criticism following their poor World Cup performance, Hodgson has said that it would be beneficial for the youngsters in his side to gain further tournament experience, should Gareth Southagte's side progress.
"It'll be a question of Gareth and I sitting down and deciding which to send," Hodgson told BBC Sport. "I am certain there will be players who will have made an appearance with us or will have certainly been with us.
"We are going to say to them: 'Look, just because you have been with us for a while, that doesn't make you a 100% bona fide senior that never plays anywhere else'.
"It just makes them an England player and we are going to use them where we think best. First they have got to get through that playoff."
The likes of Raheem Sterling, Ross Barkley, Calum Chambers and Alex Oxlade-Chamberlain could all feature for the U21s in the tournament, as could Jack Wilshere, who would qualify through Uefa regulations despite being 23 by the time the European U21 Championships are underway.