The two clubs will work together on strategic initiatives, with an emphasis on player development at both clubs.
Albion's technical director Dan Ashworth commented, "This is a concept we have been discussing with our counterparts at Hibernian for some time.
"We want to share ideas and knowledge, with a focus on player development opportunities for both clubs, which could include training or playing opportunities for younger players, and friendly matches between various age groups.
"Both Hibernian and ourselves believe there is a real benefit in the partnership. Each club has a plan and identity, but it is clear we share some ideas, aims and ambitions, and we know how we want to achieve those.
"I would like to thank their chairman Ron Gordon and sporting director Graeme Mathie, and we are really looking forward to this partnership and working with Hibs going forward."
Hibernian's sporting director, Graeme Mathie added, "Although there are a number of wider benefits to both parties, our conversations have focussed most specifically on player development.
"Dan Ashworth and I presented clear examples to Ron [Gordon] and Paul [Barber] of how this partnership can benefit specific players from both clubs, all at different stages in their development and journey.
"This partnership allows us to plan for how a player might potentially go from Hibernian to Brighton, or Brighton to Hibernian, as two new and exciting options on an ambitious roadmap. It gives all our young players a pathway to aspire to play at the highest level of the game.
"We will work towards offering a number of different experiences for players and staff, whether training together or swapping best practices, staff idea sharing across all departments at both clubs, friendly matches and potential player exchanges.
"I'd like to thank Dan and all at Brighton for engaging with us so positively and am looking forward to seeing these discussions come to life in the coming weeks and months.”