MSR is understood to have agreed to terms with a driver to replace Blanchard Racing Team-bound Todd Hazelwood.
The likes of Declan Fraser and Jayden Ojeda were considered early favourites, while Zak Best and Chris Pither are thought to have also held talks with the team.
Fraser then revealed to Motorsport.com that he was out of the running on Thursday.
With Ojeda also out of the running, Hill is now the overwhelming favourite to land at MSR.
Should that be confirmed next week as expected that will effectively lock in the Supercars field for 2023.
While some seats, such as the likes of Bryce Fullwood and Macauley Jones at Brad Jones Racing, are yet to be formalised, there currently aren't expected to be any other changes.
Hill has an impressive CV that includes winning the Australian Formula Ford title in 2015 and the Carrera Cup title last year.
This year he moved into Supercars with a Super2 campaign with Triple Eight, Hill currently sitting fourth in the standings with a round to go.
He also made his Bathurst 1000 debut with PremiAir Racing, Hill and Chris Pither running 12th when they had a power steering failure.
Hill would be one of two rookies on the Supercars grid next season along with Matt Payne at Grove Racing.
The one question mark that still hangs over the grid for next season is the potential 26th entry.
He has has purchased a Chevrolet Camaro from Triple Eight and has vowed to field Richie Stanaway in a Boost Mobile-backed entry should Supercars grant him the TRC.
Expected 2023 Supercars field
| Team | # | Driver | Car |
| Triple Eight Race Engineering | 88 | Broc Feeney | Chevrolet Camaro |
| Triple Eight Race Engineering | 97 | Shane van Gisbergen | Chevrolet Camaro |
| Dick Johnson Racing | 11 | Anton De Pasquale | Ford Mustang |
| Dick Johnson Racing | 17 | Will Davison | Ford Mustang |
| Tickford Racing | 5 | James Courtney | Ford Mustang |
| Tickford Racing | 6 | Cameron Waters | Ford Mustang |
| Tickford Racing | 55 | Thomas Randle | Ford Mustang |
| Tickford Racing | 56 | Jake Kostecki | Ford Mustang |
| Walkinshaw Andretti United | 2 | Nick Percat | Ford Mustang |
| Walkinshaw Andretti United | 25 | Chaz Mostert | Ford Mustang |
| Grove Racing | 10 | Matthew Payne | Ford Mustang |
| Grove Racing | 26 | David Reynolds | Ford Mustang |
| Erebus Motorsport | 9 | Will Brown | Chevrolet Camaro |
| Erebus Motorsport | 99 | Brodie Kostecki | Chevrolet Camaro |
| Team 18 | 18 | Mark Winterbottom | Chevrolet Camaro |
| Team 18 | 20 | Scott Pye | Chevrolet Camaro |
| Brad Jones Racing | 4 | Jack Smith | Chevrolet Camaro |
| Brad Jones Racing | 8 | Andre Heimgartner | Chevrolet Camaro |
| Brad Jones Racing | 14 | Bryce Fullwood | Chevrolet Camaro |
| Brad Jones Racing | 96 | Macauley Jones | Chevrolet Camaro |
| Matt Stone Racing | 34 | Jack Le Brocq | Chevrolet Camaro |
| Matt Stone Racing | 35 | Cameron Hill | Chevrolet Camaro |
| PremiAir Racing | 31 | James Golding | Chevrolet Camaro |
| PremiAir Racing | 76 | Tim Slade | Chevrolet Camaro |
| Blanchard Racing Team | 3 | Todd Hazelwood | Ford Mustang |
