Hodgson's men took just one point from group matches with Italy, Uruguay and Costa Rica at this year's finals in Brazil to crash out amongst widespread criticism.
After the World Cup, senior figures such as Frank Lampard and Steven Gerrard announced their retirement from the international scene, as England look to an exciting crop of young players - including the likes of Raheem Sterling and Ross Barkley - to lead the next generation of talent.
England have made a fine start to their Euro 2016 qualifying campaign, with four wins out of four in Group E.
Friendly victories over Norway and fierce rivals Scotland mean Hodgson's men have won all six matches since the World Cup, and the 67-year-old is feeling upbeat about what lies ahead.
"Fortunately we've managed to redress the balance somewhat since the World Cup," Hodgson told the Football Association's official website.
"Obviously the team has been even further renewed. We lost one or two senior players at the end of the World Cup for one reason or another.
"That's forced us to look at what's available and many of the players available these days are the younger ones and luckily they've repaid our faith in them during this autumn period.
"Certainly on paper we're the best team in the [Euro 2016] group and as a result it will be our duty to make certain we qualify.
"Nothing I've seen so far has led me to believe that's not possible. But we've got our feet on the ground.
"We know we've got work to do, we know we can get better, we know we can improve.
"And the players are working very hard at the moment to make certain that we become as solid and unified a team as we can possibly be.
"I'm pleased that we've had a good run of games now. I'm pleased that the team, in my opinion, is playing some good football and showing signs of a bright future."