The Denmark international is set to join Napoli on a season-long with an option to buy.
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Sky Italia says Hojlund is set to join Napoli on-loan with a permanent option set at €42m. His loan fee will be around €3m.
The 22-year-old scored just four goals in 32 Premier League appearances last season.
Hojlund will leave United after manager Ruben Amorim approved the deal for Benjamin Sesko as a direct replacement.