Zaha sustained the issue at the start of the Premier League fixture with Newcastle United last month, and the winger has spent the last few weeks on the sidelines.
Hodgson has previously said that the Ivory Coast international is "ahead of schedule" regarding his recovery, and the Eagles boss has suggested that the attacker has made further progress in recent days.
At a press conference, Hodgson told reporters: "Wilf's had a ball at his feet for a while, training solo with the rehab people and the physios.
"He joined in with the team today in an albeit modified session. He's well ahead of schedule, but it was a serious injury. It's a remarkable recovery.
"It will be a case of discussing with him, the doctor and the physios regarding when he's ready to come back. It's a major positive."
Zaha has contributed four goals and one assist in the top flight this season.