However, Hodgson claims that he will be looking to bring players in instead of minimising his squad.
"We certainly won't be looking to wield any axes," he told the Birmingham Mail.
"We'll be looking more to improve if we can on what we consider already to be a very decent Premier League squad and has proved itself to be a very decent Premier League squad.
"Any stories suggesting otherwise are just mischief making. There will be no massive clearouts at all."
Hodgson will take the Baggies to former club Liverpool in the Premier League on Sunday.