The Denmark striker is expected to leave this month after the arrival of Benjamin Sesko from RB Leipzig.
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Rather than limit themselves to only an outright sale, United are prepared to release Hojlund in a loan-to-buy arrangement.
With AC Milan keen, transfer expert Fabrizio Romano is reporting United want a loan fee valued at €6m with a buy option for next summer at €45m.
Hojlund didn't feature in United's 1-1 draw with Fiorentina in yesterday's preseason friendly.