Their first attempt to buy a 51 per cent stake in the Edinburgh outfit was rejected by owner Sir Tom Farmer due to tax and investment complications.
Multi-millionaire Farmer, 73, purchased Hibs 23 years ago but has left much of the day-to-day running of the club to chairman Rod Petrie, who some fans blame for their relegation to the Scottish Championship in May.
However, despite the recent setbacks, Forever Hibernian spokesman Kane – a former Hibs midfielder – strongly believes the group can still be successful down the line.
The ultimate aim of Forever Hibernian is to own a 51% majority shareholding through a membership scheme, while promising to attract finance for the remaining 49%.
Speaking to Sky Sports News, Kane said: “Stage one was to get in dialogue with the club but our first proposal was turned down.
“We’re now at stage two – Tom and Rod want the fans heavily involved in the buying of the club – so we have come up with a scheme for a Hibernian fans’ co-operative.
“The fans will own 51% and other investors will own 49%. And there’s nothing better than fans owning 51% and keeping control of the club – so it doesn’t get into the wrong hands.
“We’ve had a lot of pledges from people who are investors. This is everything lock, stock and barrel, the team, the stadium, everything.
“Sir Tom has kindly told us he wants the community involved and they will want to see people they know and trust – and we’re Edinburgh people.”
But Kane, 49, who played at Easter Road between 1982 and 1990, admits a price has yet to be agreed regarding buying the club.
He added: “We’ve got over the first hurdle so we’re going into dialogue and will probably make an announcement in four or five weeks.
“We’ll spell everything out and make sure we’ve got it right this time. And by that time we hope to have a figure.
“We’re in for the long haul and we will convince the fans at the next press conference. By then the lawyers and financial guys will have had a look at it.
“It will be black and white and transparent and I think the fans will buy into it.
“We won’t run away. We won’t get involved in the football side. We will support Alan Stubbs (the new manager who replaced Terry Butcher last month) to the hilt and we hope he succeeds.
“And when we get in, we will get him where he wants to be, back up in the top division.”