Several clubs are thought to have expressed interest in Hojlund, 23, in the knowledge United are ready to discuss his release.
It is understood Milan is interested, although they would only like the loan previously since they, like United, are financially detained by the absence of a European tournament this season.
Sources show the Serie A side is ready to pay a 4M loan fee (£ 3.47m), with an additional option to buy the next 40m season (£ 34.7m).
If that is acceptable for United it is clear to be in doubt, though it is expected to be more explained by the situation next week.
Milan opening their Serie A campaign against Cremonese on August 23.
