Zaha's contract at Selhurst Park will expire at the end of this season and he is likely to move on.
For so long Zaha has been the driving force behind Palace's continuos stay in the top flight but youngsters Eberechi Eze and Michael Olise have stepped this season.
Eze scored twice in a 2-0 win over Bournemouth over the weekend to take his tally for the season to ten while Olise recorded another assist to reach double figures for that metric for the campaign.
Hodgson understands Zaha's potential departure will leave a big void to fill but in Olise and Eze, the future looks bright for Palace.
Hodgson said: “It’s more of a question for the club. I think that we have been very, very dependent on Wilf for a long time, at least I certainly was in the last four years I spent with the club I was very dependent on Wilf and what he did for us.
“We were unbelievably grateful for him, for the performance that he gave, and the number of matches that he helped us win. I think now, with (Olise and Eze), there is more support, if you like, for the attacking side of our game.
“You can even mention Jordan Ayew, of course, who has improved a lot. So I think the club is in a happier position now than when I left four years ago. But will the club miss Wilf Zaha if he goes?
“Yes, they will, because Wilf Zaha is an exceptional player. He’s an iconic Crystal Palace player. He’s loved here, quite rightly so, not just by managers and coaches but also by the crowd.
“So if he does decide to go he will be sorely missed, but perhaps there are a few more players in the wings who can soften the blow.”
