The FA confirmed Hodgson will announce his squad at 1pm on Wednesday, May 16, 13 days before UEFA's final deadline.
England travel to Spain the following Monday, flying directly to Oslo for a friendly against Norway on Saturday, May 26.
Hodgson's side face Belgium the following Saturday before travelling to their Euro 2012 base in Krakow, Poland.
They open ther Group D campaign in Donetsk on June 11 against France.
John Terry is expected to be the highest-profile omission, with reports that Hodgson is reluctant to take both he and Rio Ferdinand.
Terry goes on trial in July accused of racially abusing Ferdinand's brother Anton, which he denies. The pending charge was the reason the FA removed the captaincy from him in February, leading to Fabio Capello's resignation.
The Chelsea skipper's recent poor form, coupled with possible tension among the rest of the squad, make him the obvious fall guy. Terry is priced at 4/9 by bookmakers not to make the squad, while he is a 13/8 to be included.
Liverpool striker Andy Carroll has shortened to 4/7 to make the trip to Poland and Ukraine following two fine performances against Chelsea in the last week.