The forward striker, who won the Treble at United in 1999, believes Hojlund is well below the mark that he and other legendary forwards set at United.
The Dane, who is only 21 and completed his first year in the Premier League, did not get a ringing endorsement from Yorke.
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He told the Daily Mail: "The fear of playing against Rooney, Van Nistelrooy, Yorke, Cole, Mark Hughes (is gone). And now you've got Rasmus. It's nowhere near the level.
"As a defender, you're like: 'This is going to be a stroll in the park coming to Old Trafford.' That's never been the case.
"We used to be a nightmare to defend against with Rooney and Ronaldo, the attackers we had.
"He's relatively unknown. He comes into the Premier League and I'd never heard of him, didn't know where he came from before."