The 21-year-old only arrived at the Portuguese giants from Malmo at the start of the month and has been sent straight out to the Premier League.
Rakip, who scored nine goals in 30 appearances to help Malmo to the Swedish title last season, has talked up the prospect of working with experienced boss Hodgson, while also claiming that a move to the English top flight with Palace will get the best out of him.
"I believe this is a league that suits me and my way of playing," he told his new side's official website. "It's fast-paced and physically intense, and I'm a classic, balanced number 6; a box-to-box player who run up and down the field.
"I hope to adapt quickly in order to help the team and show my qualities - I have been training since the [Swedish] season ended and I feel fit and ready to play straight away.
"It will be an honour playing for Roy. He is a legend in Malmo and everyone know who he is. Crystal Palace is a fantastic club with a lot of history that plays entertaining football, and was the best option for my development and my career at this stage.
"It feels amazing arriving to the best league in the world and to be part of a great team."
Rakip, with Champions League experience under his belt, is in line to make his Eagles debut against West Ham United next Tuesday.