The random hopping models exhibit many fascinating features, such as diverging localization length and density of states as energy approaches the band center due to its particle-hole symmetry. Nevertheless, such models are yet to be realized experimentally because the particle-hole symmetry is easily destroyed by diagonal disorder. Here we propose that a pure random hopping model can be effectively realized in ultracold atoms by modulating a disordered onsite potential in particular frequency ranges. This idea is motivated by the recent development of the phenomena called "dynamical localization" or "coherent destruction of tunneling." Investigating the application of this idea in one dimension, we find that if the oscillation frequency of the disorder potential is gradually increased from zero to infinity, one can tune a noninteracting system from an Anderson insulator to a random hopping model with diverging localization length at the band center, and eventually to a uniform-hopping tight-binding model.