It is understood the fight will take place on August 29 at London's O2 Arena with the bout to be officially announced in the forthcoming days.
A press conference is expected to take place early next week.
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It will be the 21-year-old Itauma's first bout since he blasted his way into world championship contention with a stunning demolition of American gatekeeper Jermaine Franklin in March.
But he will be taking a massive step up in class against Croatia's Hrgovic, whose only defeat came against Daniel Dubois for the IBF interim heavyweight title in June 2024.
Hrgovic, 34, beat Dave Allen inside three rounds last time out in May.
Speaking after that victory over Allen, Hrgovic said: "Moses never reached the promised land. I want to fight with anyone in the division, Moses, anyone.
"If I'm healthy - and I look like I am - no problem for me. I never run from any opponent."
There has also been speculation that Itauma could fight WBO champion Dubois in the near future should Dubois win his rematch against Fabio Wardley.
