McGivern, 22, who has 16 full caps, has joined the Easter Road club until January.
McGivern has made on appearance for City, as a substitute in a 5-0 league win over Sunderland in April 2011.
But he has played 75 first-team games in loan spells with Morecambe, Leicester, Walsall, Crystal Palace and Bristol City.
McGivern said: "I'm just really excited about playing for Hibernian and helping the team to do well in the SPL.
Obviously growing up in Northern Ireland I'm well aware of what the SPL is all about - it's a good, competitive league with passionate supporters.
"Hibs have enjoyed a decent start to the SPL season so far; I'm looking forward to be able to help to build on that start.
Stephens earlier left Hibernian to join League Two club Barnet.
The 20-year-old made 29 appearances for Hibs in two years after joining from Norwich.
But the Wales Under-21 international was out of favour under manager Pat Fenlon and has been allowed to leave.