Hodgson will be without striker Shane Long for an estimated six weeks following the knee injury sustained during the Baggies win at Aston Villa at the weekend but he has said that he has no intentions of curtailing Wood's loan spell at St Andrews.
The New Zealand international striker is on loan with Blues until 5th January and has been in sparkling form having scored 10 goals in his last 10 games.
"We have no plans to bring him back at the moment," Hodgson told the Birmingham Mail.
"We seem to be doing okay without him and I wouldn't want to bring him back just to bolster our squad or make our reserves strong.
"We have Long out but we also have Odemwingie, Tchoyi, Cox, Fortuné and Bednar.
"That's not counting Zoltan Gera who can play up there if we wanted him to.
"To bring Chris back now would be the wrong thing to do as he's getting so much playing time at Birmigham and using it very wisely. It suits all parties.
"Do we regard him as our player, and one who is getting experience elsewhere then the answer is 'yes'.
"We have no desire to lose him and we believe his future is at West Brom but we would only curtail his loan if we felt it was absolutely necessary and that he would get a place in the team"