Hodgson returns as Crystal Palace manager until end of season
The 75-year-old, who replaces the sacked Patrick Vieira, said the "sole objective" was to ensure survival in the English top flight.
Hodgson, who was in charge at Selhurst Park between 2017 and 2021, takes over with Palace lying 12th in the Premier League, three points above the relegation zone after a 12-match winless run.
"It is a privilege to be asked to return to the club, which has always meant so much to me, and to be given the important task of turning the team's fortunes around," Hodgson said in a club statement.
"Our sole objective now is to start winning matches, and to get the points necessary to ensure our Premier League status."
Hodgson will be assisted by Paddy McCarthy, with Ray Lewington returning as first-team coach.
Palace chairman Steve Parish welcomed the former Liverpool and Inter Milan manager back to his boyhood club, saying his experience would be crucial in the battle to avoid the drop.
"We are obviously in a very challenging period but we believe that Roy’s and Ray’s experience, knowledge of the club and players, alongside Paddy, can help fulfil the immediate requirement of keeping us in the league," he said.
Former Arsenal and France midfielder Vieira was sacked on Friday, taking the number of managerial sackings during the 2022/23 campaign to nine, one fewer than last season's total, which equalled the Premier League record.
Hodgson has a difficult job on his hands turning around the form of a club that have not won a match in 2023.
The bottom nine teams in the Premier League are separated by just four points, cranking up the pressure as the season enters its final months.
Palace, who lost 4-1 to league leaders Arsenal on Sunday, have scored just 22 goals in 28 games in the Premier League this season - the joint-lowest tally in the division.
Hodgson's first match in charge will be a home game against fellow strugglers Leicester on April 1st.
The widely travelled Englishman, who managed the national side from 2012 to 2016, was most recently in charge at Watford for a short spell in 2022, leaving after they were relegated to the Championship.
