If Milan wants to get Hojlund from United, I think they need to compete with Napoli, who have already shown interest in the United striker. There are even rumors that they are close to reaching an agreement.
That hasn't happened yet, and I think Milan still has a chance if they have a more attractive offer to be considered by United and Hojlund. However, it may ultimately depend on Hojlund's interest in choosing his new club.
Hodjlund next destination would likely be to Napoli over other Italian clubs, Inter have only shown Interest but they haven't made any move, but Napoli are at final stage of signing him so if Inter wants to hijack the deal they'll need to negotiate better with both Hodjlund and Manchester United for a better offer.