The prize, which is given to the best Under-21 player based in Europe, is celebrating its 20th anniversary this year, after being established by Italian newspaper Tuttosport in 2003 - ironically, the year of Hojlund's birth.
An original list comprising 100 names was announced in June, with the Dane, then at Atalanta, being joined by future United team-mate Alejandro Garnacho.
After injury kept him out for the opening weeks, Hojlund has enjoyed a strong start to life in Manchester, scoring three times in eight games and the 20-year-old is now bidding to follow three former Reds and a current colleague in winning the accolade.