But Hodgson has also been warned that there will also have to be a clear-out of fringe players during the next transfer window with as many as half a dozen players being shipped out if buyers can be found.

Hodgson took training at the club’s Beckenham HQ for the first time yesterday after taking over as the new manager on Tuesday.

The new manager, who succeeds Dutchman Frank de Boer, sacked on Monday after four defeats in four Premier League games under his command, has been told he can also spend any profits from fees brought in from any departures in January.

One of the key negotiating points for Hodgson in taking the job was that he could bring his former England and Fulham No2 Ray Lewington into Selhurst with him. De Boer’s former assistant Sammy Lee left the club on Tuesday.

Crystal Palace spent some £34m on new players in the summer, but still have some cash left in the kitty.