Although Hodgson will have to travel to Brazil without Theo Walcott - the Arsenal star is sidelined with injury for the remainder of the season - Sterling, Zaha and Johnson are all in the frame.
Sterling has played well for Liverpool recently, Johnson has helped Sunderland turn their season around over the past few months, while Zaha is finally getting his chance of first team action on loan at Cardiff.
Hodgson, who handed Sterling his first cap last season against Sweden, said: "Raheem almost disappeared off the scene when he lost his place at Liverpool but has enjoyed a re-emergence.
"He's now back in the Liverpool team and his form seems to be going up and up and up.
"If you can do it at the top of the table with Liverpool, then you can do it in an England shirt as well.
"Zaha is back in the frame again because he's playing football at Cardiff.
"Adam Johnson is another. These guys have got it all to play for but, at the end of the day, I'll have to make a choice. I can't take all of them."
England's next match is a friendly against Denmark in early March, with Hodgson naming his squad on February 27.