As part of the loan deal, the Easter Road club inserted a recall option in January.
The 20-year-old centre-back joined Hibs in the summer from Rangers and was set to form part of the club’s development team.
He, however, impressed during pre-season and featured three times in the Premier Sports Cup. McClelland made his league debut for the club as a second-half substitute against Livingston, while he was on the bench a further two times.
Hibs had issues at centre-back with injuries to Paul Hanlon and Rocky Bushiri this campaign but signed teenage centre-back Will Fish on loan from Manchester United.
McClelland, it is hoped, will get regular first-team football with second tier Cove.
Managed by Jim McIntyre, the former Highland League side sit ninth with four points. They have former Hibs midfielder Fraser Fyvie as part of their squad.