Konchesky is believed to be keen on teaming up again with Hodgson and the Cottagers would be tempted to sell if the Reds offer in excess of £4million.
However, with money tight at Anfield, a lesser bid may be forthcoming with Fulham likely to reject it until they come up with their valuation of at least £3.5million.
Hodgson confirmed Konchesky was on his radar, though, saying: "We had discussions with Fulham about whether they were prepared to sell any of their players and I would be lying if I said Paul was not a name we considered.
"Whether or not there is a chance of business is still very much up in the air."
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