The 27-year-old has been sidelined since the beginning of September, having withdrawn from the Belgium squad during the last international break.
"There's no doubt we won't be seeing much of him this year," Hodgson told Sky Sports.
"I think it will take until into 2019 before we see him, but hopefully earlier than later in 2019."
Benteke, who joined Palace from Liverpool for 27 million pounds ($36 million) two years ago, has featured four times for the club in the league this season but has yet to score.
(With inputs from agencies.)