Schlupp returns ahead of schedule from a knee injury to add firepower to Palace's attacking line, who have scored only four goals in their last five league matches.
"I said last time that Jeffrey Schlupp and Martin Kelly were close to returning to full training, I think they had done one session with us before the Spurs game but they have trained all week now," Hodgson told a news conference on Thursday.
"I'm counting on those two being fit, but they're the only returns."
Palace are still without 10 senior players and have dropped to 17th in the league standings following a 1-0 defeat by Tottenham Hotspur last weekend.
Hodgson confirmed winger Wilfried Zaha has started individual work on the training pitch as the 25-year-old winger continues to recover from a knee injury.
"Wilfried is recovering ahead of schedule, but he's still mainly doing straight running. He's not doing the more complicated twisting, turning and contact with other players yet," the manager added.
"Every team is dependent on its star players, especially the ones in those forward areas who are going to create chances, score goals."
Palace are close to announcing the signing of free agent Diego Cavalieri on a deal until the end of the season.
The Brazilian goalkeeper played for Fluminense last year and was on Liverpool's books between 2008 and 2010.
Cavalieri, 35, will provide backup for Wayne Hennessey while Julian Speroni remains on the sidelines with a knee injury.
"Everything's been agreed. It's a question of paperwork now," Hodgson said.
"We've only got two senior goalkeepers so his chances (of playing) are great."
(Reporting by Hardik Vyas in Bengaluru, editing by Pritha Sarkar)
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