English Championship side Millwall had tabled a starting bid of just under £1m with add ons which was rejected by the Easter Road outfit. But following some tough negotiations between The Lions representatives and Hibs chief executive Ben Kensell that sum has more than doubled and all parties are now just waiting on the green light from owner Ron Gordon.
While reluctant to lose their top scorer the club are well aware of the uncertainties of football.
Having knocked back a near £3m offer from Birmingham City two years ago Nisbet sustained a long term injury which kept him on the sidelines for almost a year. Now, with just 18 months of his current contract to run, they do not want to pass up their chance to secure an optimum return for a player who was always considered an investment.
The Scotland forward, who has scored seven goals in seven games since his impressive return from injury, was signed from Dunfermline in 2020 and is said to be interested in heading to The Den, and a club fighting for a play-off spot and a shot at promotion to the Premier League.
And, having had their fingers burned once, Hibs are also afraid that the player will follow the example of defender Ryan Porteous and simply run down his deal to the point where a pre-contract agreement would see him leave the club for nothing.
To avoid that happening, Hibs are planning to cash in this month, with Watford the favourites to push through a deal worth just over £200,000.