The left-back, who can also play further up the park, joined Blackpool in September 2020 following a spell training with Sunderland, and has since played 53 times for the Seasiders including 14 matches this season.
The 25-year-old is under contract at Bloomfield Road until the summer of 2022 with an option to extend the deal by a further year.
However, Hibs are understood to be keen on securing Mitchell’s services with a two-and-a-half year deal on offer. He is not viewed as a potential replacement for Martin Boyle, who completed a move to Saudi Arabian side Al-Faisaly on Friday morning, but will be provide cover and competition on the left side.
The former Hearts loanee, who came through the ranks at Manchester United, made 34 appearances for Hibs' rivals in 2018 and 2019 across two temporary stints, scoring twice in the process.
Easter Road boss Shaun Maloney wouldn't be drawn on speculation linking his side with a move for the former England Under-20 internationalist as he spoke after the 1-0 extra-time victory over Cove Rangers in the Scottish Cup fourth round on Thursday night.
Asked about Mitchell Maloney said: “He's still a Blackpool player so I wouldn't want to speak about that just yet.”
Hibs have already added Rocky Bushiri, Harry Clarke, Ewan Henderson, and Elias Melkersen this month, with American winger Chris Mueller also arriving from Orlando City.