Spain became the first European team to win the trophy on another continent when they lifted it for the first time in South Africa three years ago.
The Three Lions beat Poland 2-0 to book their place in Brazil last night and Hodgson believes that his team can play without pressure in South America.
"We won't be favourites, that's for sure," the 66-year-old told reporters. "If you're going to define World Cups as only worthwhile if you win it, then trying to qualify becomes a complete waste of time.
"European teams don't win in South America, but I don't think there's any point in saying 'this is impossible'.
"I also think we've been in a slight transition period, young players are coming through, we're getting better, but we're not at the level of some other teams who are clearly bigger favourites."
The draw for the World Cup finals is made in Bahia on December 6.