HITC Sport understands that Hibs are to pip St Johnstone to the signing of a man who recently negotiated his release by Rangers.
The former St Mirren defender has agreed a pay-off at Rangers and is looking to take on a new challenge.
The 30-year-old had been talking to St Johnstone and was expected to sign for the Perth club.
However, HITC Sport can reveal that Hibs have stepped in to persuade him to move to Easter Road.
McGregor is a lifelong Hibs fan, and that is understood to have played a big part in his decision.
He will now link up with a side that has made a stuttering start in their bid to return to the Scottish Premiership, with only three points taken from their opening three games of the season.
McGregor is well versed in the demands of life in the second tier of Scottish football having impressed during his 12 months with Rangers at that level – being named the Ibrox outfit’s Player of the Year for 2014/15.