Ole says Rojo rejoined his former club on loan in January, only for the 2019/20 season to get curtailed after just 23 games and eventually suspended for good.
However, Estudiantes are still keen on a permanent switch.
Former United midfielder Juan Sebastian Veron is president of Estudiantes, and he has reportedly encouraged Rojo's agent to speak to the English club with a view to bringing down the Reds' £10million asking price.
United are believed to be keen to get the defender off their books, but the transfer fee could be a sticking point.
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