Butland signed for £ 1million from Stoke City in the last transfer window, but has yet to play a game for Palace with Vicente Guaita in fine form and keeping his place in 1st place.
Hodgson has ruled out Scott Dann and Gary Cahill in the back, while the Palace manager is resigned to running out of Jeffrey Schlupp for a significant period of time after being forced against Sheffield United.
“The medical staff is never ready to do that, but they will certainly miss a number of games,” Hodgson said.
“We just have to do everything we can. It’s a muscle strain. He has good recovery powers and we hope he has them again.”
Crystal Palace predicted XI (4-4-2): Butland; Clyne, Tomkins, Sakho, Van Aanholt; Townsend, Riedewald, McCarthy, Meyer; Ayew, Batshuayi
The last one meeting: Wolves 2-0 Crystal Palace
The Crystal Palace team from: Guaita, Butland, Henderson, Van Aanholt, Mitchell, Tomkins, Ward, Clyne, Kelly, Woods, Meyer, Kouyate, Townsend, McArthur, McCarthy, Riedewald, Kirby, Eze, Ayew, Zaha, Batshuayi, Pierrick
Injured: Ferguson (knee), Hennessey (thigh), Wickham (thigh), Cahill (hamstring), Dann (hamstring), Schlupp (hamstring), Milivojevic (back)