The Cottagers managed to beat Liverpool 3-1 at home on Saturday, the Reds’ sixth defeat in seven matches in all competitions.
Hodgson told Radio Five Live’s Sportsweek programme: “You never know. They are a very good team, very well organised. They have some very good players and are unlucky at the moment that their talisman Steven Gerrard isn’t playing and (Fernando) Torres isn’t 100% fit and has to be nursed through the games.
“But I can see them going on a really good run when they win seven, eight, nine games in a row and if that was to coincide with one or two defeats for the other top teams they would soon be up there again.
“With a quarter of the season gone it is very early to be writing anybody off. I remember not so long ago Manchester United were lingering in the middle of the table almost halfway through the season and went on to win it.
“If I was Sir Alex (Ferguson) or Arsene (Wenger) or Carlo Ancelotti I don’t think I would be writing them off.”
