The 21-year-old of Manchester City spent last season on loan at Eredivise side NAC Breda but after an impressive start to the campaign, he was hit with a troublesome knee injury and could only make 18 appearances in all competitions.
He has fully recovered and had a successful medical at Hibernian on Monday, pending the completion of paper formalities.
“We are just waiting on the paperwork as Thomas [Agyepong] has already had his medical with us,” Lennon told the club's website.
“He’ll be with us on a year’s loan. He’s very similar to Brandon [Barker]. Very good with both feet, quick, good end product. He’s 21 years old, so he fits the profile,” he added.
Agyepong joined Manchester City from Ghanaian-based Right to Dream Academy in 2015 but yet to make a single appearance for the Premier League champions.
He made his international debut for the Black Stars in a 5-0 demolition of Ethiopia last year in the 2019 Africa Cup of Nations qualifiers.