Hodgson has been speaking to the Reds' key figures since taking over from Rafael Benitez at Anfield and while captain Steven Gerrard has indicated he wants to stay, Argentina skipper Mascherano is keen to move on, with reports linking him with a reunion with Benitez at Inter Milan.
Hodgson has had more positive news from Spain striker Fernando Torres, who has confirmed his intention to return to the club on Monday and to remain at Anfield.
"Yes, he wants to leave the club," confirmed Hodgson when asked about Mascherano.
"He has made that perfectly clear. I think he wanted to leave a year go.
"He wants to leave now but he is contracted to Liverpool so whether he leaves or not will be our decision."
Inter Milan, now coached by former Liverpool manager Rafa Benitez, have been heavily linked with a £25million bid for Mascherano before the transfer window closes.
His representative Tamer has previously suggested a move to the European champions would be a 'dream' for Mascherano.
Recent speculation suggested Torres was keen to play Champions League football this season and was considering his options.
Hodgson said that was not the message the club had received from the Spain striker.
"As far as I know he is looking forward to coming back here; he is back on Monday," said the Englishman.
"He is enjoying a holiday - a well-deserved break as he has not had one for three years.
"He is spending a lot of time with his family, keeping a low profile and as far as I know he is not really speaking to anyone.
"But he has told us that he is looking forward to Monday, looking forward to getting back to work and looking forward to playing for Liverpool next season.
"That is what I know so other reports, I would suggest, are erroneous."