The FA says the West Brom manager, 64, is the only person it has approached about succeeding Fabio Capello.
He has already spoken with FA chairman David Bernstein and will meet with the four-man panel.
He said he would "be delighted" to manage England in a BBC Sport interview before the FA's approach.
Hodgson has extensive international experience, having managed Switzerland, United Arab Emirates and Finland, and domestic teams in Sweden, Italy and England.
Bernstein said: "Roy is the only manager we have approached and we remain on course to make an appointment within the timescale we set out".
The four-man panel which will decide who takes over from Capello are Bernstein, FA general secretary Alex Horne, FA director of football development Sir Trevor Brooking and managing director of Club England Adrian Bevington.
Bernstein approached West Brom on Saturday and was given permission to speak to Hodgson, who is likely to be appointed on a long-term basis.
It is expected any contract will cover the three tournaments up to and including Euro 2016, at which point he will be two months short of his 69th birthday.
Hodgson's contract with West Brom ends on 30 June.
Tottenham boss Harry Redknapp had been heavily linked with the job ever since Capello left the post in February, but the FA has decided to discuss the position with Hodgson, who has previous international experience from his time in charge of Switzerland, United Arab Emirates and Finland.
In total, he has managed 18 teams either at domestic or international level, including two spells as Inter Milan boss.
- Stage fright aside, Kandie is a consummate professional
- Brave police officers who should be garlanded
- Human cost of medical negligence is unacceptable
- Kimaiyo should mind his acts and remarks on force reforms
- Sh20m plant a relief for soya farmers, traders
- Airport construction to help export livestock products