Impregnation of as-synthesized MCM-41 silica by ethanolic solutions of rhodium(III) chloride was tested as an alternative to its introduction into the synthesis gel to get, after calcination and reduction by H2, highly dispersed metal(0) nanoparticles throughout the mesopores network. Rh(III) and Rh(0)–based solids thus obtained were analyzed by infrared spectroscopy, elemental analysis, transmission electron microscopy, N2 sorption, and X-ray diffraction. Materials with 1.6 wt % of rhodium could be obtained as a result of CTA+/Rh3+ exchange. The determining role of CTA+ was emphasized through blank experiments. In a second series of materials, ethanol was also exploited for its ability to reduce Rh(III). All Rh(0)-based solids were tested as catalysts in the hydrogenation of styrene under mild temperature and pressure conditions. Catalysis performances of the most efficient sample (reduced by H2) were further compared with those of a very similar material prepared by the introduction of Rh(III) directly into the synthesis gel of MCM-41 silica. Better cis selectivities in the hydrogenation of disubstituted arene derivatives were achieved with materials issued from the new preparation method.