Hodgson takes charge of his first qualifying match in Moldova on Friday, but while his side are favourites to top qualifying Group H, 1966 hero Charlton claimed further trophy success for the national team was "a way off".
The England and Manchester United legend said in the foreword to a new book entitled, 'England Centurions': "They haven't got a lot of top-quality players to choose from and, because of that, you must feel it is going to be difficult to win things.
"You cannot see it happening in Brazil at the next World Cup, for instance.
"Perhaps, if the right group of players come together and stay together for a while and gel into a team, with the right manager, then perhaps it might happen, but I have to be honest and say it's a way off.
"Since the European Union and the influx of so many foreign players, there is a definite shortage of English players from which the England manager can select, it has become far more difficult.
"I feel sorry for the England manager, whoever he is, as he simply doesn't have enough players to choose from."
Many believe England's hopes of success in the near future lie with Wayne Rooney, who has flopped at every major tournament since he exploded onto the international stage at the 2004 European Championship.
"It is up to the England manager to find a way of bringing the best out of him at international level, and how best to handle him," said Charlton, who backed Rooney to break his England goalscoring record.
"He is handled very well at Manchester United, and I am sure it will evolve with England and if that is the case I feel sure that Wayne is the player most capable of breaking my record of 49 goals, which has stood the test of time."
Rooney currently has 29 international goals and Charlton added: "If anyone is going to get the record then it's going to be Wayne Rooney. He's good enough and he is still young enough.
"No matter how much I might like being the top goalscorer, I will be pleased when someone breaks it, particularly if it's Wayne. I would congratulate them. It is certainly a record to treasure."
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!