The Eagles were in much need of new energy as they fell to defeat against London rivals West Ham on Tuesday night.
Wilfried Zaha and Michy Batshuayi ended a run of games without finding the back of the net but the performance was far too limp for the hosts to take anything.
Visa issues kept Mateta out of the squad at Selhurst Park but the 23-year-old will be available for Wolves on Saturday.
"He'll train with us on Thursday and Friday," said Hodgson. "He now has his visa which was a slight problem we needed to sort out but he now has that. He will certainly be in the squad for Saturday and I'll make a decision whether he starts or not."
Mateta will be available but it is unclear whether or not assistant manager Ray Lewington will be in the dugout after he missed Tuesday's game following a positive coronavirus test.
Hodgson said: "It is always important to have your assistant with you in games so we missed him. He's having to isolate at the moment because of the coronavirus so we're going to have to wait until that isolation period is over before we can welcome him back.
"I don't think there is so much more tonight he could have done to help us because neither he nor I play, it is the players who play and they accept they were below their best.
"We think he caught the virus from a household member and he's tested positive. He's not feeling that bad luckily so it will be a question of retesting towards the end of his isolation period to give him the green light."