It's clearly an unanswerable question, as it depends entirely on our performances and results. Ideally, no Liverpool manager should be sacked midway through a season, as it smacks of panic and classlessness. But if we don't show any signs of improvement soon, panic may be the only viable solution.
As for who'd replace him... it would have to be Kenny, on a temporary basis. Either till the end of the season, or till new owners gave us a chance of attracting a great manager, whichever came first.
And if he does make it to the end of the season, the question then is: what is our minimum expectation for Hodgson keeping his job? Top 4 seems an unfair requirement in his first season, with barely any resources at all, but then again, what other aim can we legitimately have? And, perhaps more importantly: do we, after a season under his management, have faith in the direction he's taking us in?