Ighalo is considered a short-term option for the Red Devils in the injury absence of Marcus Rashford, but Solskjaer has hinted that the 30-year-old could remain at Old Trafford beyond the summer.
"It's a loan, but when you're in the door - and if you impress - it gives you a chance," he told reporters. "That's exactly the same for everyone who signs.
"If it's permanent or if it's a loan, if you impress as a player, if you impress as a person, if you can help this group improve, of course there's a chance we'll look at extending things and signing.
"That doesn't just go for Odion but, since you asked, yes, his incentive is to play as well as he can and it's up to us to make sure he wants to stay, if we want him."
Ighalo is in contention to make his United debut in Monday's Premier League clash at Chelsea.