Hodges, who writes a weekly column for the listings title, is due to formally launch his bid tomorrow at Speakers' Corner in London's Hyde Park.
He told today's London Evening Standard that he was entering the race for London Mayor because he wanted to "save the soul of the city".
Hodges said: "We have 200,000 readers and they are the kind of young people who make this city tick.
"They are the true celebrators of the capital and they will be contributing to the manifesto, which is unique."
Hodges has until the end of March to pay a £10,000 deposit and gather 330 signatures in support of his campaign. The election is due to take place on May 1.
Under Electoral Commission rules, Time Out is free to come out in support of Hodges editorially, but would be restricted from running advertising for the campaign.
"As long as Time Out reserves their support to editorial coverage, it's fine," an Electoral Commission spokesman said.
"But if they provide advertising space without charge or below the market rate, then he'd have to register that as a donation."
Similarly, if any Time Out staff helped out with Hodges' campaign, it would have to be recorded as a donation in kind.
Nominations for London Mayor officially open on March 18, but around a dozen candidates have already declared their intention to stand, including Tory MP and Daily Telegraph columnist Boris Johnson.
Current mayor Ken Livingstone, who has been in the role since it was created in 2000, is hoping for a third term in office.
Hodges has spent much of his journalism career reporting from the Middle East. He has reported from the Israel, Lebanon and Iraq for titles including the Sunday Times, Independent and Mail on Sunday.
Time Out has a circulation of 86,234 according to its last ABC figures.
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