The youngster, who scored his first goal for England, had been rumoured to have an agreement to return to his club after tonight's game.
And, speaking after the 4-0 win, Hodgson confirmed Sterling will return to his club.
Danny Welbeck has also been ruled out of Tuesday's game.
"It is two blows for us," Hodgson said.
GETTY
Raheem Sterling will not play against Italy
"Raheem Sterling was waiting for an injection on his toe - he has been waiting for a while.
"I agreed with Brendan (Rodgers) that he would play tonight as it was the qualifier but he will now have the injection.
"If we're unlucky we will lose him and Danny Welbeck (for the game against Italy on Tuesday).
"They're important players in the system we're trying to play, but it will give opportunities for other players."
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