The SPL club are cutting their financial cloth for next season and have already decided not to renew Frederic Arpinon and Derek Townsley's contracts, while informing captain John O'Neil he can leave the club.
Republic of Ireland international Colgan is now primed to join the exodus after becoming a victim of the financial constraints in the capital.
Colgan has spent four years with Hibs but concedes his days with Bobby Williamson's men are numbered.
"The club has made no secret of the fact they need to make funds available by getting players off the wage bill," said Colgan.
"I have never asked to leave the club because I am happy here, and I have never asked for a transfer.
"But I am open to offers and, if something was to come up that would appeal to me, I would be interested. All clubs are cutting back at the moment and Hibs are clearly no different."
Despite the impending departure of several key players, Hibs have rustled together the resources to offer contracts to Gary Smith and Grant Brebner.
The 32-year-old Smith has been offered a fresh one-year deal and is mulling over the possibility of prolonging his stay at Easter Road.
Hibs managing director Rod Petrie said: "Gary is actively considering the offer and we are hoping he will accept the deal."
Brebner though has shunned a three-year deal and looks set to join the long-list of departures from Easter Road.
The futures of Mixu Paatelainen, Mathias Doumbe, Mathias Jack, Janos Matyus, Allan Dempsie and Paul Hilland are yet to be decided.
