Clancy, who joined from Motherwell in the summer, was absent for December's Scottish Cup win with a groin injury as Hibs claimed a first Edinburgh derby win in 13 attempts, but he is hoping for a repeat result in the SPL clash at Tynecastle on Thursday night.
The 28-year-old said: "It's a massive game against Hearts. It's a huge game on the calendar.
"When you sign for Hibs it's the first fixture you look for and it's a massive derby.
"I'm more nervous when I'm in the stand than when I'm actually playing, because you can't affect things.
"Hopefully tonight I can do well and soak in the atmosphere."
The Scottish Cup win - when Hibs took a small measure of revenge for the 5-1 final defeat in May by knocking out the holders - was Hibs' most recent win until they beat Celtic last Saturday, ending a four-match winless streak which included a dire display against Ross County.
"We were very disappointed after the Ross County game on Boxing Day," Clancy added.
"We made it very difficult for Celtic. It was a good win and it's put a spring back in our step.
"We've just got to keep doing what we're doing on the pitch.
"As we showed on Saturday that if we play to our best we can give anybody a good game."
The fact the Hearts match comes ahead of the winter break and a two-week hiatus places additional emphasis on claiming a positive result.
Clancy added: "It's a long time before you play another game. The Celtic victory won't look too good unless we get another result.
"It's up to us as players to go out and do that."