Despite improving Palace's fortunes in the Premier League, Hodgson wants to add new faces to his Eagles squad and the former England boss is likely to bring in a new defender and striker.
However, while acknowledging that he needs to strengthen before the end of the month, Hodgson says that he is reluctant to get "tied down" with too many players.
The 70-year-old told reporters: "I don't know how many players we can bring in. I don't want to be tied down to a number.
"We need people in, there is no question of that. We don't want to bring players in for the sake of bringing them in."