The Reds skipper has not figured since sustaining a hamstring injury while on international duty with England in November.
Gerrard is making good progress in his recovery, but Hodgson has revealed the trip to St James' Park has come too soon for the midfielder to be involved.
However, he is in contention to return against Fulham the following weekend.
Asked if the 30-year-old would face Newcastle, the boss told reporters: "No. We've always been thinking more that he'd be fit to face Fulham the following week. It would have been much too early to be considered for Newcastle, but he is making very good progress.
"We're happy with his progress, but it's just that Newcastle was an unrealistic target - but he's absolutely on schedule.
"We knew when he got the injury playing for England it would take at least three weeks, and it was about two-and-a-half weeks ago he got it."
Hodgson, however, expects to be able to call on the services of Torres, who missed Monday's 3-0 victory over Aston Villa after his wife went into labour and later gave birth to a baby boy.
He said: "Fernando missed one game and he missed it quite simply because it was the day his wife gave birth and she gave birth just about before we started to play the game. We missed him because of that, which is normal, but otherwise he is as fit as ever."
Hodgson added: "We were all delighted for him and his wife. It's fantastic and it's obviously not easy for players when their wife is pregnant and about to give birth any minute and don't know what day it's going to be.
"I'm sure he's had a difficult couple of weeks and I'm sure his wife has had an even more difficult couple of weeks because I talk about football players, but it's the wives who actually give birth and they're the ones who've got the hardest task."
Meanwhile, Hodgson has revealed Daniel Agger has an outside chance of facing Fulham on Saturday week.
The Dane has not featured since September 25 against Sunderland due to a calf injury.
Hodgson said: "Agger is much better and working very, very hard. He's really pushing himself beyond what we could expect him to do. His attitude to getting back is first class.
"We're targeting the Fulham game. The Sports Science people are telling me it's too soon and that really he needs a bit longer, but in my conversations with him he is in agreement that Fulham isn't out of the question so he's pushing it."