Taylor is on course to make his first appearance of the year against Catalans Dragons on Sunday evening after overcoming a foot injury sustained in pre-season, the latest in a series of setbacks for the luckless forward.
Hodgson believes Taylor will lift the Black and Whites this weekend whether he is at full tilt or not.
"He's had quite a long period out so we're mindful that we're not going to see the best version of Tag initially," said the Hull head coach.
"He's got to find match fitness but we'll give him a chance to do that. Hopefully everything goes right over the next 48 hours and he contributes at the weekend.
"We've missed him on the field. He's vocal and knows the game very well. He's a big personality."
As well as the return of Taylor, Hull have been boosted by the availability of fellow forward Brad Fash after he was cleared of biting Elliot Minchella in last week's derby.
Fash was facing a ban of up to eight games but a tribunal found him not guilty due to insufficient evidence.
Hodgson was delighted with the outcome and felt justice had been served.
"We looked at the footage and it didn't look like he clamped down with his jaw on Minchella's hand in any way," said Hodgson.
"We put forward a detailed response to their challenge and were confident we'd come out with the right result. We did thankfully.
"He's been playing well for us and it's his best run of form for the club since I've been here in particular. He's a big part of our squad."
Hull will, however, be without Luke Gale after he was banned for two games for a trip in Monday's win over Warrington Wolves.
"I don't think there was any intent at all but it was very difficult to challenge," said Hodgson.
"The length of the suspension is difficult but he's got history which meant they added another game.
"That's disappointing for us but we need to be better in that area."
Ben McNamara (back) and Connor Wynne (head) have been ruled out of the Catalans game, while Andre Savelio is out for the season with a knee injury.
Hodgson confirmed that Josh Griffin and Adam Swift will be sidelined for up to four weeks.
On Swift's injury, Hodgson said: "His foot twisted in the KR derby. He finished the game but it blew up and bruised.
"Griff had an impact injury where his knee hit the ground. We thought it was medial but it looks like a little bit of cartilage (damage).
"It's not ideal for us but the players who have jumped in have handled themselves very well."