New life has been breathed into the Premier League title race following the latest round of action, with Manchester United's lead at the top cut to four points after their 4-1 home defeat by the Reds.
The Red Devils still have a game in hand on their rivals, but the battle for top-flight supremacy looks set to go down to the wire.
Fulham are next to find themselves in United's firing line, with the leaders due at Craven Cottage on Saturday, but Hodgson is far from confident about his side's ability to put another dent in Sir Alex Ferguson's title charge.
"Listen, we have to work very hard to win our games," said Hodgson, whose side currently sit ninth.
"I can't stand here and say at the moment that our team is on a par with Manchester United because everyone knows it isn't but we'll give it our best shot.
"We'll work very hard, but the Liverpools and the Chelseas who are chasing Manchester United can't really expect that much of Fulham and think we'll beat Manchester United for them.
"Those teams chasing must be realistic.
"The lead is still four points and Manchester United have a game in hand, which could stretch the lead to seven points, and seven points is a massive gap. I think everyone will realise the chance is slim."