Arsenal and Everton both appeared to be likely destinations for Zaha at different points in the transfer window, and the 26-year-old reportedly handed in a transfer request the day before the window shut.
A move failed to materialise, but the Ivory Coast international has handled the situation well, according to Hodgson.
“With Wilf, I don’t think anyone was thinking we definitely must block him because we want our best player still with us,” the former England manager said.
“We understood that if a really big offer comes his way and a much bigger club than Crystal Palace want him, and he is desperate to go, we are going to have to try and do some kind of deal.”
Palace had placed an £80 million evaluation on Zaha, but no suitor matched that sum, according to Hodgson.
“The unfortunate thing for Wilf is that offer did not come his way from the sort of club that he would want,” he said.
“I think [Palace chairman] Steve Parish has made that clear to Wilf and they’ve thrashed that side of it out.
“As a result, it is not a major problem for me with Wilf coming back, having accepted the situation. The way he works here is just the same as it was. Since the first day, he has been mature about it.”
Zaha has played in all four of Palace’s Premier League games so far this season, but ‘The Eagles’ were unable to keep hold of right-back Aaron Wan-Bissaka, who departed for Manchester United in a £50m deal over the summer.
“It was a simple case with Aaron Wan-Bissaka,” Hodgson said.
“When it becomes clear that this offer is on the table and he wants to go, you react with more experience than you would when you are younger.”
Palace sit fourth in the Premier League table with two wins – including one over United – a draw and a loss to their name.
Register for free to continue reading
Registration is a free and easy way to support our truly independent journalism
By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists
Already have an account? sign in
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies