The Baggies boss is hoping that the Nigerian hitman, who was the club's top scorer with 15 Premier League goals in his first campaign at the Hawthorns last term, will be fit for the trip to Arsenal on Saturday as a slight knee injury has hampered him in training this week.
And, Hodgson feels that once Odemwingie finally gets back to peak fitness, he will start scoring goals on a regular basis for the Baggies.
"He knows he can do a lot better and we know he can do a lot better," Hodgson told the club's website.
"He's had a bit of a stop-start season unfortunately with one or two injuries he's picked up.
"We haven't had that lucky situation where for about ten games in a row he was fully fit, playing every week, and training every day between the games to keep himself at the level he wants to be at.
"To some extent he's suffered from that.
"But we know his qualities, what he can do, and what value he has to us.
"It's just a matter of time before we start to see that again.
"When he does get over this little injury period, and he's training normally, then I won't be concerned at all."