The forward has reportedly attracted the interest of the Cottagers, West Brom, Everton, Blackburn, Bolton and Sunderland.
Pedersen, 19, currently plays for Norwegian top flight club Stromsgodset and has scored 17 goals in 38 appearances for the club.
The striker has also netted three times in four appearances for Norway's Under-21 side and is likely to have come to the attention of Hodgson as he has good links with Norwegian football, having signed Norway internationals Brede Hangeland and Bjorn Helge Riise.
Source: Team Talk
Source: Team Talk