The 22-year-old British middle-distance runner took gold at this year's Paris Olympics, following her silver medal at the Covid-delayed 2020 Tokyo Games.
Hodgkinson set a personal best of 1 minute 54.61 seconds at the London Diamond meeting in July.
That time, however, is still significantly shy of the 800m world record of 1:53.28 set by Jarmila Kratochvilova, which has stood for 41 years.
But in common with several world records set in the early 1980s, Kratochvilova's time has been clouded by allegations of doping -- all of which the Czech athlete has denied.
For all the record has stood since 1983, Trevor Painter -- one half of Hodgkinson's coaching team alongside life partner Jenny Meadows -- believes the circumstances are now right for it to be lowered at last.
"I wouldn't rule (2025) out," Painter told Britain's PA news agency after Meadows was named the BBC's Sports Personality of the Year on Tuesday.
"Next year might be too soon, because it's a big leap and there's not many people at 1:54 let alone 1:53, but with the advances in shoe technology and the advances in track technology, and the advances in our growth as a team and as a unit and pushing Keely, then yeah."
Painter collected the Coach of the Year award alongside Meadows who suggested 2026 might be a better target.
"We're definitely nudging our way towards it," she said.
"A couple of years ago we would never have been looking at that world record thinking it was possible, but now you start getting a little bit giddy and excited, but trying to be realistic at the same time.
"Gold is the only currency she wants to work in now, and she's got some personal objectives to win that world title.
"I think she's looking at it as though it's really exciting, whether we can get physically in world record shape next year - 1:53.28 is still a big, big gap.
"I know Keely would like to see a 1:53, even if it's a 1:53.99."
