The Fulham leader is favourite to take charge of the team put forward for the games in three years time.
Lord Triesman, the independent chairman of the Football Association, confirmed before the weekend that he was looking for an English coach to take charge of the Olympic team.
Sir Alex Ferguson was the one that was originally wanted for the role, but now only English players will be used because of Scotland, Wales and Northern Ireland not competing on political grounds.
Hodgson said: "This is news to me. I've been a major contender to be England manager as well and I've never had the job.
"If you want to know has there been any contact from anyone regarding the Olympic team, then the answer is 'no'.
"It is a long way off, 2012, but whoever gets that job, it is going to be a great honour for them.
"If it ever came about that people thought I would be the right man for the job, of course I would be happy to take it.
"There is a lot of time between now and 2012 and I know nothing about it apart from what I'm learning from you guys now."