Liverpool's match at Tottenham today pits the two leading home contenders to succeed Fabio Capello after Euro 2012.
Friends and rivals: Roy Hodson (left) and Harry Redknapp (right)
Hodgson said: 'Harry will be a major candidate and it doesn't surprise me that he wants it because it is the pinnacle of everyone's ambition.'
But Hodgson knows how fickle football can be. His stock fell after Liverpool's poor start to the season.
He said: 'Harry is doing well at the moment but you have to see who is doing well when the job becomes available.'
Redknapp has nothing but respect for his rival, who has guided Liverpool from the Premier League's bottom three to the top half.
The Spurs chief said: 'Roy had a couple of results and suddenly people are jumping all over him. Now he is coming back, and he will do a great job there. Liverpool will be a real force with Roy.'
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Explore more:People: Roy Hodgson, Fabio Capello, Harry Redknapp Places: Liverpool, United Kingdom