Hodgson has been forced to leave Patrick van Aanholt and Luka Milivojevic from his Crystal Palace squad due to injuries, but has chosen to hand Jeffrey Schlupp his first competitive start since December 2019 and 20-year-old Tyrick Mitchell his first Premier League start.
Find out more about Mitchell by clicking here - as he talks through his career so far, a rough journey this season and who's the fastest in the squad.
Elsewhere, James McCarthy retains his midfield berth with Cheikhou Kouyate on the bench.
Joining Kouyate, 17-year-old John-Kymani Gordon makes his first senior squad for a competitive fixture and Nya Kirby joins more frequently named Development teammates Brandon Pierrick and Sam Woods as options for Hodgson. If Gordon plays in the league at all for the Eagles over the next 182 days, he will become the club's youngest Premier League debutant, overtaking George Ndah.
Stephen Henderson replaces Wayne Hennessey as the substitute goalkeeper, with the Welshman not named against his former club. Hodgson has not confirmed the reason for this.
In other news, Wilfried Zaha is set for his 200th Premier League game in red and blue.
Wolves are looking to bounce back from their recent late draw with Burnley, and so make three changes to their lineup and squad, with Matt Doherty, Leander Dendoncker and Jonny replacing the benched Romain Saiss, Ruben Vinagre and Diogo Jota.
Wolves: Patricio, Coady, Jonny, Boly, Doherty, Moutinho, Neves, Traore, Dendoncker, Jimenez, Podence.
Subs: Ruddy, Kilman, Buur, Saiss, Vinagre, Gibbs-White, Jota, Jordao, Neto.
Palace: Guaita, Mitchell, Sakho, Dann, Ward, Schlupp, McArthur, McCarthy, Townsend, Zaha, Ayew.
Subs: Henderson, Kelly, Woods, Riedewald, Kouyate, Kirby, Meyer, Pierrick, Gordon.