Following his £72M move from Atalanta in 2023, Hojlund netted 16 goals in his first season with the Red Devils as supporters became divided on the striker.
His second season saw him score just four goals in the Premier League, pushing fans to call for his exit as the club struggled in attack.
The Danish star has since gone on loan to Napoli, and has enjoyed a better spell under manager Antonio Conte in Italy, scoring more than any other player in the side.
Reports suggests that Napoli are set to trigger the £38M price tag in Hojlund’s contract which Schmeichel says is a shame for the striker who clearly has a lot of potential.
“I think the deal is if Napoli qualify for the Champions League then they are obliged to sign Rasmus Hojlund permanently,” Schmeichel said on The Good, The Bad & The Football podcast.
“So that’s a bit of a shame because I like Hojlund by the way and think he could have been absolutely fantastic.
“But I don’t think he wants to come back, and I don’t think he can because Napoli have already qualified for the Champions League.”
Speaking in March, Hojlund reflected on his departure from United, saying in an interview with TV2 that he does not regret leaving.
“I got what I wanted with my transfer. I got a team that believes in me a lot. A club that believes in me a lot. A sporting director, a president and a coach who wants me.
"It felt like it was over for me at one point (at United). Here at Napoli, I’ve rediscovered my love for football. People even back in Denmark were writing me off, but I never stopped believing."