Wigan striker Grigg and and MK Dons full-back Hodson are set to get the nod when boss Michael O'Neill cuts five names from his current 28-player squad.
Liam Boyce, Billy McKay, Daniel Lafferty, Ben Reeves and Michael Smith were all conspicuous absentees from training on Thursday.
O'Neill will announce his squad for the tournament on Saturday.
The make-up of the final 23-man squad is unlikely to have been affected by Friday night's 3-0 win over Belarus as all players appear to have emerged unscathed from the warm-up fixture at Windsor Park.
However, it is believed O'Neill told each player on Wednesday of his decision on whether they will be on the plane to France.
Grigg, who scored 10 goals in Wigan's final nine games of the season, was fighting for the final striker berth with Ross County's Boyce and Dundee United forward McKay.
Peterborough defender Smith and and Burnley's Lafferty are poised to miss out as Hodson takes the last full-back slot.
Michael O'Neill's squad announcement on Saturday will be streamed live on the BBC Sport website
Will Grigg and Lee Hodson appear to have grabbed the final places in the Northern Ireland squad for Euro 2016.