Hodgson has spent a decade with the Edgeley Park club but now admits he is considering a fresh challenge.
"I have never been in this position before," Hodgson told the Express.
"I've always had my next contract sorted long before I was allowed to speak to anyone else so this is very new to me.
"It is a different outlook now and I am quite excited by it. I'll see what the options are and go from there.
"It is a big decision and I'm not going to rule out moving. There is a part of me which thinks what if, and maybe if I wasn't to move, I would be left thinking at the end of my career what would it have been like if I had?"
Hodgson guided Sale to a first-ever English Premiership title back in the 2005/06 season but the Sharks have failed to come close to matching that achievement in the four years that have followed.
Sale were involved in a major relegation battle last term and they now find themselves in a similar situation this term.
Mike Brewer was sacked as the club's head coach last week, while the year ended with a 50-point mauling at the hands of Leicester Tigers.
And while Hodgson is clearly devoted to his only professional club, the 30-year-old admits that their current fortunes will have a bearing on where he decides to see out his career.
"Finding somewhere else will be a tough decision because Sale is my club and they have always been good to me," added Hodgson.
"Being involved in relegation battles doesn't appeal to me - that is definitely a factor. Life after rugby is a factor, too - in three or four years I will be thinking about retiring.
"I'll make the decision that is right for me as a player and also for my family. Initially, I toyed with the idea of going to France but my wife has just had a hip replacement and I want to stay in England for her sake."