"I'd have a chance of losing it on Brazil, so why not put it on the team I want to win it?" Hodgson said when asked if he'd put money on Brazil winning the tournament.
"We're not one-dimensional in any way. There are options. I think the emergence of these younger players with slightly different skills to what we had in the past gives us different options.
"We are here, we are part of it, that's a great feeling and the draw will be exciting. Like all draws we hope we get one we like the look of, but you take what you get, that's the most important thing."
England are currently given an odds of 25/1 to win next year's tournament.
Hodgson led Switzerland to the World Cup in the US in 1994. England has regularly been a favorite in international tournaments in the past but has failed to live up to international expectations. The current England squad is thought to be one of the weakest in recent times.