The Denmark international has been in excellent form this season, scoring seven goals despite only becoming a first-team regular after the World Cup.
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Hojland joined Atalanta for £15million last summer from Austrian side Sturm Graz and has hit the ground running, alerting the attention of both Arsenal and Real Madrid.
According to Tutto Atalanta, the Gunners are leading the race for the 20-year-old and are willing to pay around £45m to land him.
Hojland's exploits and Scandinavian background have seen him compared to Manchester City striker Erling Haaland.
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Former Leeds United winger Mike Grella admits while Haaland is among the best strikers around, Hojland has a wider skill set to that of the City striker.
"I will take the comparison with Haaland very lightly, because he is one of the best," Grella explained.
"There is also a slight difference between them, which speaks in Hojlund's favour.
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"He can do more than Haaland. Haaland is more the type who duels with the centre-backs and just scores lots of goals.
"Hojlund can dribble past an opponent. He can keep the ball better. Hojlund can better help the team on the edge (of the penalty area) or deeper in the pitch."
Hojland's former manager at Sturm Graz believes the comparisons are well founded and insists the two striker have similar traits.
"There can be a comparison between Rasmus and Erling Haaland," said Christian Ilzer. "In some characteristics, they are similar.
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"Both are very fast, they also share determination and the desire to always score. Both Hojlund and Haaland are two very positive youngsters and have great confidence in their abilities."