Rooney's fitness is a worry for Hodgson after he was withdrawn with an ankle injury in the 79th minute of Manchester United's 3-2 win over Aston Villa.
United boss Sir Alex Ferguson confirmed that medical staff will assess the full extent of the injury within the next 24 hours.
Walcott was also substituted in the closing stages of Arsenal's 3-3 draw with Fulham after suffering a muscle problem and the winger could again miss out for England.
"Walcott has a glute muscle problem," said Wenger. "We nearly took him off at half-time, he nearly went down, but we left him on and on.
"In the end, it got worse and worse. At the moment, he is limping so I do not know whether he will be able to join the national team or not."
The 23-year-old suffered a chest injury in last month's World Cup qualifier win over San Marino which forced him to sit out the following match against Poland.