The Hawks captain trained at the Ricoh Centre on Tuesday, but must still pass a fitness test on Thursday before being considered for the trip to Perth.
"It's been frustrating for him, because it feels like we've been in this same mode for the past couple of weeks, but we'll see how he goes tomorrow," Hawthorn football operations manager Mark Evans told hawthornfc.com.au on Wednesday morning.
"It's certainly been slow. For the last three weeks we've felt like he could almost play, but we're being a little bit reserved until we can finally tick that box."
Hodge has missed the Hawks' first three games.
Small forward Luke Breust is making good progression from the concussion he sustained in a collision with Adelaide's Brodie Martin on Sunday.
But the six-day break ahead of this week's match may count against the 21-year-old's chances of playing.
"He was quite lucid as he was going off the field, but it cleared and settled really well after the game," Evans said.
"He was monitored at home that night and has continued to go really well.
"We've listed him as a test but we'll wait and see, and look to the cautious side, I guess, unless we're 100 per cent sure that he's OK."
Wingman Isaac Smith (back/calf) will also be tested after missing Sunday's 56-point win over the Crows.
"He had a back complaint in the game against Geelong and pulled up quite stiff in his calves after the game as well," Evans said.
Ruckman Broc McCauley is available after being a late withdrawal from Sunday's match with a stomach virus, as is Paul Puopolo, who has overcome back/hamstring problems that have kept him out since the Hawks' last NAB Cup clash.
"He [Puopolo] probably could have played last week, but we've just erred on the side of caution with him for one more," Evans said.
Premiership player Xavier Ellis faces a stint on the sidelines after injuring his calf while playing in the VFL for Box Hill last weekend.
"We haven't put a timeframe on it yet because it's a reoccurrence, so we just need to see how it settles down," Evans said.
"But he won't play for a few weeks."
Luke Hodge is a $467,300 midfielder in Toyota AFL Dream Team. Register your team here.
Mark Macgugan covers Hawks news for afl.com.au and hawthornfc.com.au. Follow him on Twitter: @AFL_MarkM.
Round 4 injury list
Max Bailey (wrist) - TBC
Luke Breust (concussion)
Xavier Ellis (calf) - TBC
Luke Hodge (calf) - test
Isaac Smith (calf and back) - test
Alex Woodward (knee) - season
