Hodgson has also handed starts to James McCarthy and Mamadou Sakho for the first time since facing Chelsea in October 2020.
The starting XI sees Jordan Ayew and Michy Batshuayi kick-off alongside Christian Benteke, with McCarthy, Eberechi Eze and Jairo Riedewald forming the midfield.
In defence, Tomkins will partner with Sakho and Nathaniel Clyne and Patrick van Aanholt will fill the full-back spaces.
On the bench, Hodgson has a strong range of substitutes should he require them - with Andros Townsend, Wilfried Zaha and James McArthur part of the matchday 18.
Wolves also name a strong side, with Leander Dendoncker returning from an injury collected with the Belgium national team.
Wolves: Ruddy, Ait-Nouri, Saiss, Coady, Semedo, Neves, Dendoncker, Neto, Moutinho, Adama, Silva.
Subs: Patricio, Hoever, Gibbs-White, Vitinha, Cutrone, Richards, Kilman, Otasowie, Corbeanu.
Palace: Butland, Van Aanholt, Sakho, Tomkins, Clyne, Eze, Riedewald, McCarthy, Ayew, Benteke, Batshuayi.
Subs: Guaita, Ward, Mitchell, Kouyate, McArthur, Milivojevic, Townsend, Zaha.