Cole is looking for a new club after being released by Chelsea and he has attracted interest from London rivals Arsenal and Tottenham.
However, bookmakers have suspended betting on which club Cole will join next season amid rumours the England international is bound for Anfield.
Reds boss Hodgson has not spoken to the 28-year-old recently and refused to expand on rumours he could become a Liverpool player.
"I'm not a betting man so that doesn't actually play a big part that betting is suspended," Hodgson told Sky Sports News.
"I don't even know enough about betting to know what that means.
"As far as I know, Joe Cole is still a player looking for a club.
"I know we've been connected with him, and it's good to know we're connected with players of that quality, but I don't have anything to report on the subject.
"I haven't had any discussions with him, but I had a brief chat a while back.
"If you want to know about transfer targets, and how things are progressing, you'll have to ask (managing director) Christian Purslow because he's the man looking after those discussions, not me."
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