"He is an important figure for us and he knows how much we value him", the Palace boss told reporters.
"My advice to everyone would be to be happy for the time being that we are in the Premier League, as we could so easy have not of have been", he said.
Crystal Palace could replace one Delaney with another this summer, according to the Sun on Sunday.
At least a season in the second tier awaits the Baggies, but the club does have some reason for optimism after putting on an impressive late show in recent weeks in the hands of caretaker coach Darren Moore.
The Baggies had kept their Premier League dream alive last weekend with a last gasp victor against Tottenham at the Hawthorns, and with Everton equalising in injury-time against Southampton, there was hope.
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Obviously we're going to try and win the game, that's what we have to do.
"Unfortunately, we lost him for a little while and our points total deteriorated when he was injured but when he came back in the side he proved why he is player of the year - well done to Wilf".
In central London, where we met the next afternoon, Hodgson, 70, explained the formula he used back in the dark days of autumn.
"I don't blame other clubs for coveting him, but I believe he will still be our player next season".
Jack Wilshere has been urged to consider a move to Crystal Palace, with the Eagles billed by Clinton Morrison as "the right club" for a man running down his contract at Arsenal.
"I have no stress about my future, so I just wanted to enjoy (the final game of the season against West Brom) and then see what happens next".