Bury boss Kevin Blackwell said the 21-year-old had returned to parent club Bolton ahead of a move to Easter Road.
Blackwell said in the Bolton News: "Gregg Wylde has gone back to Bolton after his loan and I believe he has gone to Hibs, either tomorrow or today."
Hibs manager Pat Fenlon earlier expressed his frustration over transfer speculation surrounding his club.
Fenlon has also been linked with the likes of St Mirren midfielder Kenny McLean and Rochdale midfielder Jason Kennedy but Fenlon insists most of the names which have appeared in print are not on his wish list.
He said: "I've seen one or two of the stories about people we have been linked with, but I don't know where they have come from. It amazes me when you get linked with talking to people and offering pre-contracts to people when you haven't even looked at them.
"Anything we are trying to do, we will keep it in-house. As soon as there is anything to know, we will let the supporters know."
The Irishman did, however, concede he would like to add at least two new faces to his squad.
St Johnstone's Liam Craig has already agreed a summer switch but is "unlikely" to move to Edinburgh this month, leaving Fenlon to start his search for possible replacements for Ivan Sproule - who has joined Ross County after he was released by Hibs - and Jorge Claros, who could be recalled by Honduran parent club Motagua.
Fenlon, speaking ahead of Sunday's trip to face Aberdeen at Pittodrie, explained: "We have lost Ivan Sproule and would like to strengthen that area. We also have the Jorge situation, which has yet to be resolved, and would like to bring some cover in for that position. But in relation to everyone else I'm fairly comfortable with what we have."
- Pat Fenlon