Defender Brent Sancho has left Millwall and striker Adebayo Akinfenwa will be released after his deal expires.
Sancho, Akinfenwa and Hodge are all leaving Millwall
Sancho, 30, was signed on a month's deal but has not managed a first-team appearance for the League One club.
Ex-Swansea striker Akinfenwa, 25, will also be leaving the Lions after his deal expires on 15 January.
Meanwhile Blackburn midfielder Bryan Hodge, 20, has returned to Rovers after a three-month loan but Lions boss Kenny Jackett wants to sign him permanently.