Hojlund has been linked with Inter Milan and Napoli in recent days.
"I'd keep Hojlund," Scholes said on The Overlap Fan Debate. "I know he's not been great but he's a 22-year-old kid who has been asked to play centre-forward for Manchester United on his own for the last two years.
"He's had to play every week. He's the only one there. He's a 22-year-old kid. With the way they play, Man United should have at least three top centre-forwards, and I'd bring him into that.
"Get (Victor) Osimhen and (Viktor) Gyokeres. Hojlund, he's struggled like mad of late especially, but he's not got the chance to sit down and watch."
Flogged to death
Scholes also said: "If a striker is not doing well, no confidence, the manager sits you down and says, 'have a look, get a bit of hunger back, a bit of feeling back for the game'.
"We all know he has got centre-foward qualities, we've seen it. Not enough, I nknow that, but if he has got experience around him...
"Say he had Andy Cole and Dwight Yorke around him, it'd bring him on so much. He's been absolutely flogged to death.
"People forget how old he is. A lot of it is confidence."