Since arriving at Atalanta last summer, Hojlund has impressed for the Serie A side in his debut season for the club.
Making 21 appearances in all competitions for the Italian side, the striker has scored seven times and provided two assists.
Arsenal are keen on the striker, while Manchester United are now claimed to have joined the Gunners in putting him on their radar.
And the amount the pair will have to pay has been identified as Atalanta have set an asking price near about €50m for Hojlund in the summer, according to Italian daily Tuttosport.
Apart from Arsenal and Manchester United, heavyweights like AC Milan, Juventus and Real Madrid are said to be following the youngster.
It is uncertain whether Manchester United will keep hold of loan star Wout Weghorst in the summer and they could bring in Hojlund to enhance their striker department.
Arsenal may also look to add in the centre-forward area and it remains to be seen if the Danish star leaves Atalanta in the summer for one of the two Premier League clubs.