The Manchester United striker missed Sunday's Community Shield win over Wigan with what the Premier League champions described as a shoulder injury, but he been taking part in intense training at St George's Park
Asked how Rooney was, Hodgson said: "Good, just as I expected really. It's difficult to assess with the naked eye how match-fit people are, but there's no doubt in my mind that he's not suffering from a physical injury.
"He has been fit for several days now and has trained very hard.
"It will be interesting to get the feedback from our training sessions and we can see how he looks.
"Since he's got over the injuries he's not been able to train as intensively as we have, so we'll see how that pans out.
"He tells me that he's been training on his own while Manchester United have had games, on some fitness work, but he hasn't had a chance to do a session like we had today where he was involved in functional aspects of play."
Hodgson is also eager for the 27-year-old to resolve his current situation with United, but believes Rooney is too good a player to ignore even if, for whatever reason, he is not a regular at club level.
The Red Devils have rejected two bids from Chelsea, and the player's future remains the subject of speculation.
"It would be very nice if (his future is clarified) both for him and his club, and of course my hope and desire is that will happen," Hodgson added.
"In my year and a bit as national team manager I've been faced with the situation where players are not necessarily always playing in their team, but because they have the qualities we're looking for, they still manage to be selected.
"I'm hoping that will be the case with Wayne, but I'm not prepared to make any statements that if he's not playing for a club side he can't be considered for England."