Colback was one of four uncapped players in Hodgson's squad for the Wembley friendly and England's first Euro 2016 qualifier in Switzerland on Monday.
But the Newcastle United man will not make his England bow at Wembley as Hodgson looks to his next generation in the absence of retired pair Steven Gerrard and Frank Lampard.
"All but one of the squad are fit. Jack Colback is out of the game tomorrow," Hodgson told a news conference.
"The starting line-up will be a young one. It will contain some interesting talents and has enormous potential.
"There will be no one making their debut from the start but there will be one or two players who won't have had many starts."
Hodgson's comments mean that none of Fabian Delph, Calum Chambers and Danny Rose will start in front of what is expected to be a small crowd at Wembley.
But Hodgson does not believe the lack of atmosphere is likely to affect his players.
"I've been lucky that we've played in front of full houses and it will be a new experience tomorrow but, as Gary Neville has pointed out, there were times when he was playing where they got 25,000, so let's keep things in perspective," he added.
Wayne Rooney will captain England for the first time since being appointed Gerrard's successor and feels the small crowd is a "backlash" to the nation's failure at this year's World Cup.
"Obviously it [crowd] is a bit lower than normal but we expected that, the World Cup was disappointing and it's a backlash from that," he said.
"We want to make sure the crowd know we are giving everything we can to win the game tomorrow and on Monday [against Switzerland]."
Rooney also promised to give his all in his new role and said that he is excited about the team's future.
"I will be myself in the captain's role," he added.
"I am always very demanding of myself in what I expect. Playing for your country, every player has to give their all.
"It's a great honour to captain my country and I want to be a successful captain. I'm sure all the team want that, we're working hard to try and get there and tomorrow is the start of a new chapter.
"Last summer we were all disappointed, we went in with high hopes, we were expecting better but we have to move on, there is no point looking back. We've had retirements but young players coming in and it's exciting."
