Hibs have confirmed "positive" talks have been held with the Scottish FA over investment from Bill Foley.
The billionaire - who owns AFC Bournemouth - previously outlined his interest in becoming an investor at Easter Road but ruled out a controlling stake in the club.
Hibs chiefs Ian Gordon and Ben Kensell held talks with the Scottish FA board on Thursday regarding the minority investment proposal from Foley.
And the club will now move forward to submit a formal request for the approval of a dual interest dispensation against article 13.
Submissions to the Scottish FA board are considered on a case-by-case basis with Hibs chiefs hopeful the minority investment will be approved.
A Hibs statement confirmed: "Hibernian FC can confirm that the Club met with the Scottish FA Board on Thursday 14 December, 2023 to discuss a minority investment proposal.
"The positive meeting saw Ian Gordon and Ben Kensell outline the proposal and discuss the benefits for Hibs and Scottish football moving forward.
"The Club looks forward to the next stage of the process, which is submitting a formal request for the approval of dual interest dispensation against article 13.
"There will be no further comment at this time."
Bill Foley - who also has a stake in Lorient - had said on talkSPORT on Wednesday: “We're going through the process with the Scottish Premier League (sic) and the Scottish Football Association to ensure that we're doing things properly and that we're doing them in a way that they're happy with our participation.
“We're not going to be a controlling shareholder, we're going to be an investor but we certainly want to coordinate acquisition and disposition of players with Hibs and I know they can use the help.”
