But while he said he accepted there was always a chance the Reds could lose players like the Spain international, he was determined to keep Torres.
Rooney's intention to leave United has already sparked speculation about who Sir Alex Ferguson would line up to replace him.
Chelsea were heavily linked with a bid for Torres in the summer which never materialised but Rooney's situation has already sparked rumours about Torres.
The striker, with only one goal to his name, has cut a sorry and frustrated figure this season.
"I think I'd have to say we'd cross that bridge when we come to it," said Hodgson when asked about the threat of United possibly trying to sign Torres.
"I am pretty sure when a great player like Wayne Rooney is looking to leave his club, Manchester United will be in a position to target an awful lot of players around the world.
"I don't think Fernando Torres would be the only player they will be targeting or [we would be] the only club worried their star striker is going to be a target.
"They will have the opportunity to replace him with many star strikers around the world, so all I can say is I am not naive to the situation.
"I am not naive enough to think there is no danger we will ever lose a player like Fernando Torres.
"I can only hope we won't and I will make certain I do everything in my power to keep him happy at the club, help him improve his current form and to get him playing for Liverpool as he has in the past."