Alex Oxlade-Chamberlain is scheduled to have a scan on his knee on Thursday following the injury sustained during England's 2-2 draw with Ecuador.
The 20-year-old was forced to come off after a challenge from Carlos Gruezo and Hodgson fears a ligament injury may have occurred.
"It would be an enormous blow if we were to lose him. He did ever so well and looked really, really sharp," Hodgson said after the game.
Oxlade-Chamberlain played for the first time since April 20 due to a groin injury, but the Arsenal winger produced an energetic display before being forced off the field with less than 30 minutes remaining.
Chamberlain dribbled past an opponent seven times during the friendly, more times in one game than any other England player since September 2008.
