Aquilani has struggled to make an impact at Anfield since his £20million arrival from Roma last summer.
The injury-hit playmaker has struggled to make an impact after coming to Anfield and discussions are under way for him to return to his home country.
Aquilani was left out of Liverpool's
squad for yesterday night's UEFA Europa League play-off against Trabzonspor and Hodgson admits he will probably be loaned out to a Serie A side.
"At the moment we are considering possibly loaning him to an Italian club, but nothing is sure about that yet so I don't have anything to report.
"I didn't want to use him tonight just in case the loan goes through because for Aquilani this year it's very important that he plays regular football, every week as the number one man on the team sheet.
"I can't promise him that here so if a loan move to Italy could help him in that respect it might be good for all parties.
"It would certainly be what he needs, it would certainly protect the value of the player and when he does return to Liverpool no doubt we will see the Aquilani that we signed before he came here injured last year." Hodgson told LiverpoolFC.tv
Earlier this month, defender Philipp Degen has joined German side VfB Stuttgart on loan for the 2010-11 season.
The Swiss international, was signed on a free transfer by ex-Reds boss Rafael Benitez in 2008 but played only seven times for the Anfield club.
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