The Toronto native is coming his three-year, entry-level contract where he had an annual salary cap hit of $1.667 million, much of which was bonuses-laden.
In a magazine photo shoot with TFP on Monday, Hodgson indicated that his agent and the Sabres are having ongoing dialogue about his next deal.
It's unclear what type of contract he is looking for, though he's undoubtedly in line for a hefty raise.
The Sabres acquired Hodgson on Feb. 27, 2012, along with defenseman Alexander Sulzer, from the Vancouver Canucks in exchange for Zack Kassian and Marc-Andre Graganni.
Hodgson has played in 139 career NHL regular-season games with the Canucks and Sabres and has accumulated 35 goals and 42 assists for 77 points.
He was originally drafted 10th overall by the Canucks in the 2008 NHL Entry Draft.