The Denmark international, who signed for the German champions in 2012, will remain at the rival Bundesliga outfit until the end of the season.
"This is a solution which is good for all three sides," said Bayern sports director Matthias Sammer in a statement.
Hojbjerg spent the second half of last term on loan at Augsburg.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Bayern MunichBayern | 4 | 4 | 0 | 0 | 16 | 3 | 13 | 12 |
| 2 | Borussia DortmundDortmund | 5 | 3 | 1 | 1 | 11 | 9 | 2 | 10 |
| 3 | Bayer LeverkusenB. Leverkusen | 4 | 3 | 0 | 1 | 13 | 9 | 4 | 9 |
| 4 | Freiburg | 4 | 3 | 0 | 1 | 8 | 4 | 4 | 9 |
| 5 | Eintracht FrankfurtFrankfurt | 4 | 3 | 0 | 1 | 7 | 4 | 3 | 9 |
| 6 | Union BerlinUnion Berlin | 4 | 2 | 2 | 0 | 4 | 2 | 2 | 8 |
| 7 | RB Leipzig | 4 | 2 | 2 | 0 | 4 | 2 | 2 | 8 |
| 8 | Stuttgart | 4 | 2 | 1 | 1 | 12 | 8 | 4 | 7 |
| 9 | Heidenheim | 4 | 2 | 0 | 2 | 8 | 7 | 1 | 6 |
| 10 | Mainz 05Mainz | 4 | 1 | 2 | 1 | 8 | 8 | 0 | 5 |
| 11 | Werder Bremen | 4 | 1 | 2 | 1 | 4 | 8 | -4 | 5 |
| 12 | Augsburg | 4 | 1 | 1 | 2 | 7 | 10 | -3 | 4 |
| 13 | Wolfsburg | 4 | 1 | 0 | 3 | 8 | 9 | -1 | 3 |
| 14 | Borussia MonchengladbachBorussia M'bach | 4 | 1 | 0 | 3 | 5 | 8 | -3 | 3 |
| 15 | Hoffenheim | 4 | 1 | 0 | 3 | 6 | 11 | -5 | 3 |
| 16 | St Pauli | 4 | 0 | 1 | 3 | 1 | 6 | -5 | 1 |
| 17 | VfL BochumVfL Bochum | 5 | 0 | 1 | 4 | 5 | 11 | -6 | 1 |
| 18 | Holstein Kiel | 4 | 0 | 1 | 3 | 5 | 13 | -8 | 1 |
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