The Moldovan players are set to earn a sizeable cash bonus from their employees if they can cause an upset by holding England to a draw.
But, even without those financial incentives, Hodgson knows England can ill afford to be complacent against a side who twice lost by only a single goal to Holland in the 2012 World Cup qualifiers.
He said: "You know if you don't prepare for a tough game or an opponent that is going to be well organised and disciplined in defence, then you are not preparing for the game properly.
"We are aware of that and this is a team capable of playing well and causing problems so we won't under-estimate them.
"We are well aware that a very strong Holland team only won here 1-0 and at home only won 1-0 as well.
"The Moldovans' bonus system will have to be their bonus system. We have our own fish to fry and we want to try and win the game."
Hodgson is glad to have started his role in time to lead England into Euro 2012 even though he had little time to prepare for the tournament.
He is excited about the blend of youth and experience he feels is starting to gel together.
Hodgson said: "It was a good time for me to start with a tournament even though it wasn't an easy time.
"It was good for me because I feel much more confident knowing about players going into these first qualifiers than I would have done had I been employed after the tournament and this would have been the first squad I selected.
"I'm really positive at the moment that we have a group of players who will balance youth and experience.
"There are players on the horizon that are young who haven't broken through into the team in the same way as Steven Gerrard or Frank Lampard or John Terry.
"But on the other hand, I hope these players will make a name for themselves during the coming two years.
"I'm not looking at anything other than to put the best team at any given moment in time out on the field. I don't have a goal of that we must have this particular blend of youth and experience.
"But I just feel the way our football is going, the emergence of good young players means we are going to see a blend of youth and experience."
The former West Brom boss is also confident England can deal with a less than perfect surface to perform on Friday evening.
He said: "I have a very experienced group of players and they will have played on many pitches in many places around the world and I don't envisage any particular problems there.
"It is up to us to deal with whatever playing surface we play on.
"I'm sure Moldova will want to play on the best possible surface also and will be trying to get the pitch in the best possible condition."
Meanwhile, Michael Carrick insists he is prepared to make the sacrifices required to fulfil his potential with England.
"I have two children and a wife and they are a big part of my life but how long have I got left?" he said.
"It's hard. It was my little girl's first day at school this week, going back to the World Cup my little boy was born a week before the tournament. He was seven weeks old when I got back and I had only seen him for five days.
"That comes into it but I have to put that to one side and make the most of what I have left."
And, deep down, Carrick knows that means making an impact with England because, for all the glory and accolades he has collected at United, international football remains the greatest stage.
"It's not so much needing to prove anything to others, it's more from within," he said.
"As a kid England and that was the biggest thing. It should be - and still is. Representing your country is as good as it gets."
It is Sir Alex Ferguson's theory that Carrick has never received the recognition he deserves because he refuses to embrace a public profile like so many top players.
He has started to be talked about though, thanks to the growing influence of passing players in the world game.
When Andrea Pirlo was cutting England apart in that Euro 2012 quarter-final in Kiev, the lament was England did not have their own version.
"Certain situations highlight different things," he said.
"Obviously he (Pirlo) was fantastic. He played so well.
"Whether that's had anything to do with me, I'm not sure.
"What I do know is if I compare myself now to seven or eight years ago, I'm totally different.
"I know the game. Having different experiences helps me cope with certain things.
"Hopefully there's a window before your body starts to slow down. That's the peak that people talk about."
Three Lions captain Gerrard admits his final tilt at football's greatest prize will begin in Chisinau when England take on Moldova.
"I am realistic and honest," he said. "We are not one of the favourites to win the World Cup.
"That doesn't mean you stop believing, working hard to improve, and learning from the mistakes you've made at previous tournaments.
"This team has every chance to get better in the next few years, with some players coming through and others with the experience.
"We have to have that faith and keep believing.
"You never stop believing in football. Miracles do happen. It's been proved."
Miracles are not to be relied upon though.
In a group containing Euro 2012 co-hosts Poland and Ukraine, plus a dangerous Montenegro outfit that held England to a couple of draws in qualification for the European Championships, it is performances and results that are going to count.
And, arguably, they will count even more than they did this summer, in what, given the unusual manner of him getting the job, many felt Hodgson had a free hit.
Not that he sees it quite that way.
"I don't know there are 'free hits'," he said. "If I had some, I'm happy to have had them.
"But I'm fully aware the task of qualifying is the all-important one.
"A World Cup in Brazil has a slightly greater allure than a World Cup in some of the other countries where it's been held recently.
"We know what we have to do. We're going to try and do it.
"But this is football. You don't get what you want by talking about it and saying the right things. You have to be good enough.
"We all accept that. We're an experienced group of players, some up towards 100 caps, so they don't need reminding there are plenty of banana skins out there.
"If you don't hit that level, you'll be criticised."
Hodgson has declared himself satisfied with the pitch, which looks a bit odd and does require a cut prior to kick-off.
And a strange training session, which featured no actual match, seemed to be focused on getting balls into the box from flank positions, a typically English trait which, in the absence of Andy Carroll, Hodgson does not have a particularly obvious exponent at.
It plays to a stereotype though, a Moldovan one at any rate.
"We scored off a few of them, didn't we?" said Gerrard, with Hodgson moving in for the follow-up.
"You've got to remember the first 10 or 12 years of my coaching career was spent defending the English game to the Swedes, saying that we don't just play kick and rush football.
"I spent 12 years doing that. I'm not going to respond to Moldovan criticism now.
"They can think whatever they like about our game. We'll see what happens tomorrow [Friday] night."
Hodgson's midfield is expected to feature his three old stagers on Friday; Gerrard, Frank Lampard and Michael Carrick.
Manchester United's Danny Welbeck is set to operate as a lone striker, with James Milner, Alex Oxlade-Chamberlain and Theo Walcott vying for the flank positions.
Hodgson is missing a number of players through injury, including Wayne Rooney, Ashley Cole, Ashley Young and Andy Carroll.
The absence of Rooney, in particular, and Carroll is a big boost for Moldova, according to their assistant manager Ion Testemitanu, who believes his side are capable of causing an upset.
"Rooney not playing is very, very big for us - we are very lucky," Testemitanu said on BBC Sport.
"Andy Carroll not playing is also good news. We have a chance now. Anyone can win on any day."
Testemitanu, who played for Bristol City in England, knows it will not be easy though for a side ranked 141st in the world.
"We are realistic and understand who England are and will be careful from the first minute to the 90th," he added.
"England are always very good - there are no secrets. I saw how they played at Euro 2012 and was impressed."
UEFA World Cup Qualification Group C Fixtures
Montenegro vs Poland
Moldova vs England