The 26-year-old is expected to sign a deal until the end of the season and alleviate a goalkeeping headache for Jack Ross.
QPR’s decision to end the loan of Dillon Barnes and injury to Ofir Marciano left the prospect of goalkeeping coach Craig Samson having to start against Celtic on Monday.
Macey, however, will reportedly undergo a medical today.
Standing at 6ft 7ins, the goalkeeper would bring a huge presence to the Hibs backline.
He has made two appearances for Arsenal having signed for them back in 2013 from Bristol Rovers, one of which was a 0-0 draw with Red Star Belgrade in the Europa League.
During his time with the Gunners he has had three loan spells – Accrington Stanley, Luton Town and Plymouth Argyle, making 55 appearances in total.
He spent the 2018/19 season with Plymouth in League One when they were managed by ex-Hibs assistant Derek Adams.