The 26-year-old was absent from the Reds squad for the 3-0 defeat at Manchester City on Monday evening, with Hodgson feeling that the Argentinian's head was not right for the game.
He warned after the game:"Unfortunately the fee the club thinks is the correct fee and the fee we are being offered are very far apart.
"Unless that can be resolved he might be unhappy for a long time to come. But I have no wish to create headlines over the Mascherano situation.
"The discussions between Barcelona and the club are being held at high club level and as a result I don't really want to get involved in it.
"It is not the first time these things have happened – there are quite a lot of clubs suffering at the moment by their players being courted by others and their players being unhappy at being required to fulfil their contracts.
"It has happened to us now. Hopefully matters will get resolved, certainly before the end of the transfer window and I'll have a chance to pick him again, but last night would not have been a good time to select him.
"It will happen, I guess, a day when the offer for him matches our valuation, but until that day he stays with us."
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