The 38-year-old is currently working as assistant to Belgium manager Roberto Martinez but has emerged as the new frontrunner to succeed Jack Ross, who was relieved of his duties last week along with right-hand man John Potter.
And Maloney could bring former Parkhead team-mate Gary Caldwell with him as his No.2. The one-time Hibs defender has had management spells at Wigan, Partick Thistle, and Chesterfield but is currently employed by Manchester City as Loans Coach following an interim spell in charge of Newcastle United Under-23s.
A number of names have been linked with the role since Ross’ departure including ex-Aberdeen boss Derek McInnes and former Easter Road head coach Neil Lennon but Hibs chief executive Ben Kensell branded much of the media speculation “wide of the mark” in an update for supporters.
Interim boss David Gray again took charge of the team for Tuesday night’s 1-0 win over Dundee, aided by Eddie May and Craig Samson, but the 33-year-old had already ruled himself out of the running.
Kensell said: “We have a big week coming up and I know how hard the players and management team are working to get the performances we are all looking for.
"I am also fully focused on the task in hand to make sure we get the correct appointment to move this football club forwards.
“I would like to assure all supporters that we are undergoing an incredibly thorough and strategic approach as we recruit a new manager. As a club you must continuously plan for the future and have a clear plan in place for every eventuality, due to the fast-moving and ever-changing nature of the sport. This has allowed us to stay in control of this rigorous process.
“There has, unsurprisingly, been a lot of interest in the role. We have a clear vision. We want a manager who has an attacking mentality and is progressive and hungry for the opportunity to build something special here at a big club.
"Our process has been robust and there is clarity, and a support plan, for the manager we select that will help us achieve our long-term ambitions.”