Yantorno is looking for a new club after being released by stricken Gretna last month.
The SPL strugglers decided to part company with the Uruguayan after surmising they could not fund his rehabilitation from a knee injury.
The 25-year-old is set to continue his rehab at Easter Road and he could make the move to Hibs if he impresses manager Mixu Paatelainen.
"It won't be until next season, we are still a few months away, but we have agreed with Fabian that he does his rehabilitation with us, with a view to joining us," Paatelainan told the Edinburgh Evening News.
"I feel he is a very good player, very positive, he has good technical ability, he is quick, and sharp.
"We will get him fit, there is no question of that, and then we will assess him. "I think he will be a good asset to us if he turns out to be the player I have seen before and believe he is."