Barnes moved to west London on a temporary basis from Derby in January, with Fulham having first option on the highly-rated 20-year-old in the summer.
But the injury-hit wideman has yet to make a first-team appearance for the Cottagers, and although he is now fit he has been unable to break into Hodgson's settled side.
"It's a loan deal until the end of the season and we have an option to buy him at the end of that loan deal," said Hodgson.
"But we will have to look into that when the time comes. Apart from anything else it will be a question of how much money is involved."
Barnes this week admitted he has his heart set on signing a permanent deal at Craven Cottage in the summer, and Hodgson says he may yet get a chance to impress before the end of the season.
"I'm sure he'll be involved. He's been a bit unlucky since he's arrived in that our results have been pretty good so it's not easy to break in," added Hodgson.
"He's done very well in the reserves, he's looking a much fitter individual. He's a vibrant character and his enthusiasm in training every day is a joy to see.
"He seems to enjoy being here and we enjoy having him, albeit that enjoyment is temporary in that I can only keep him happy over a longer period if I give him some chances - and at the moment I haven't given him many.
"So he's entitled to be less happy than he seems to be. But I certainly haven't written him off."
Hodgson will check on the fitness of defender Toni Kallio and midfielder Zoltan Gera ahead of Sunday's Premier League trip to Manchester City.
Kallio was sent home from training this morning as he is still suffering the effects of a virus, and Gera got a kick on a foot during last weekend's 1-0 defeat by Liverpool.