Sakho, who joined Palace from Liverpool in 2017, picked up a knee injury in a Premier League clash against Leicester City in February and underwent an operation a few days later.
The 29-year-old returned to action earlier this season and started league games against Tottenham Hotspur and Wolverhampton Wanderers but has since missed matches against Norwich City and West Ham United following another injury setback.
"I hope he (Sakho) will be back soon and he is working very hard. I can't put a time on it," Hodgson told reporters ahead of the side's clash against second-placed Manchester City on Saturday.
"I hope it's soon rather than late... it's high time we get him back."
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Crystal Palace are currently sixth in the Premier League with 14 points and Hodgson was happy with his side's start but warned against any possible complacency.
"It's been a good start. We're fully aware that can change quickly, the only time you're happy to take credit is if it lasts until the end of the season," Hodgson said.
"In the eight games so far 14 points is a good haul of points but we have a tough run of games coming up... you can go into the games without that feeling of a knife at your throat for the relegation zone.
"I'm not sure (Man City boss) Pep (Guardiola) needs to be worried about any team he faces but it would be nice to know they need to show us some respect. Tomorrow is an exciting challenge."