The Norwegian hitman announced his full return from injury with a goal in the memorable 5-1 victory over Chelsea last week.
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It was his first start since damaging the ligaments between the tibia and fibula of his left leg on international duty back in September.
His return hands the boss a four-pronged attack alongside Les Ferdinand, Teddy Sheringham and Sergei Rebrov.
Glenn pointed out: "If we can have four main strikers on top of their games at that end of the pitch we could probably live with what Chelsea, Arsenal and Leeds can do.
"We haven't been able to do that because we haven't had everyone fit at the same time. That would be a nice option for me.
"Steffen Iversen has had a torrid time with injuries. We've done a lot of work with him, like we have with Les and Darren, and we're trying to achieve the same with Steffen, to get him at his very best because I think he has a lot of ability."
Glenn is clearly a big fan of the 25-year-old.
"He has tremendous ability and one that hasn't really been shown at the club because of injuries," he added. "The carpet has been whipped from under his feet in that respect.
"He has immense talent. He can play off the shoulder and in the Teddy role, if you like.
"You can also play him wide if you want to split the strikers and play 4-3-3. He gives you a lot of options.
"He's been frustrated since he's been at the club with the injuries he's had. If we can keep him fit he'll have a big part to play."
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Glenn Hoddle believes our strikeforce can live with the firepower of the Premiership's big guns now Steffen Iversen is fit again.