Manchester United are expected to complete the signing of Casemiro for £60m, with the 30-year-old set to earn around £8.4m a year at Old Trafford.
With Casemiro set to leave Los Blancos after making 336 appearances for the club, Los Blancos have already begun their search for the Brazilian's replacement.
The report indicates that Ancelotti is an admirer of Hojbjerg and even tried to sign the 27-year-old Danish international when he was Everton manager but the player opted to join Tottenham instead.
Hojbjerg has three years left to run on his current contract and has started both of Tottenham's games this season, scoring in the 2-2 draw against Chelsea.
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