A Sakho, a £26m (€29.3m) summer signing from Liverpool, missed last Saturday's hard-fought draw with West Ham United due to a calf problem and had been considered a doubt for the trip across the capital to Wembley.
But having returned to first-team training this week, Hodgson is confident his centre-half will be available. McArthur, who also missed last week's draw at Selhurst Park with a knock, is in line to return as well, although the Eagles boss will wait until after Friday's final training session before making a decision on the midfielder.
"Mama Sakho trained today, as did James McArthur," Hodgson told a press conference ahead of the visit to Tottenham. "We do have to be careful with James though, as it's a problem with the ligament in his ankle and when you get that type of problem you have to live with them for a period of time before you are entirely pain free. We'll see how he's feeling after today's session."
Patrick van Aanholt, meanwhile, was forced off just 11 minutes into last week's meeting with West Ham but Hodgson has been impressed with the former Sunderland full-back's reaction in training this week and has not ruled out a return this weekend.
"Patrick Van Aanholt is making incredible progress and there is even a chance he could train tomorrow. I am not certain on that yet but speaking to him he wants to be out there as soon as possible if all goes well. He has less of a chance of making it but he is a fit person and doesn't need days and days of training to get back to where he was. I will make a decision after I spoken to the doctor and the medical department."
Christian Benteke, meanwhile, is nearing his return from a knee injury that has ruled him out since September. Hodgson predicts he will be back for Palace's match against Everton immediately following the international break.
"We will now see how he [Benteke] is after the international break. He has had medial ligament damage which was to see him out for six to eight weeks and we are now at week seven so and we are hoping he will be able to train fully with us during the international break."
Palace will be hoping to halt a Tottenham side still riding high from Wednesday's sensational Champions League victory over Real Madrid.