The former Motherwell man has been a primary target for Hibs for a while, but interest in the Scotland Under-21 player intensified after Chrstian Doidge picked up an Achilles injury that has ruled him out for several months.
That left Kevin Nisbet as the only recognised first-team striker.
Scott, 20, joined Championship side Hull City from Motherwell at the beginning of 2020 but, after damaging his ankle in his very first training session with the club, he did not make his debut until last June and has struggled to hold down an automatic starting spot since.
He has made 36 appearances, but just 14 of them have been in the starting line-up. He has scored four times.
The player is looking to kickstart his career and Hibs believe he has the potential to shine in the Scottish Premiership, where he first made his mark. Bursting into the Motherwell first team as a teenager he netted six times in 28 appearances during the first half of the 2019–20 season, producing performances which attracted attention from south of the border.
But Hull are keen to get him some loan time and Hibs have fought off competition from several others, with Dundee United and St Johnstone also interested in signing him.
It is a positive move from Hibs sporting director, Graeme Mathie, who is also working to add a central defender to the mix before the transfer window closes.