The Pompey defender will move to Nyewood Camp on loan, according to our sister title the Bognor Observer.
Hancott penned third-year scholarship terms with the Blues earlier this summer following his two-year apprenticeship with the academy.
The left-back became the youngster player in Fratton Park post-war history when he made his debut against Fulham under-21s in the EFL Trophy in August 2017.
He was aged 16 years and 161 days, surpassing Gary O’Neil’s record by 95 days.
Hancott made only his second first-team outing in Pompey’s 3-1 win over Norwich under-21s in the EFL Trophy earlier this month.
The 18-year-old, who hails from Ryde, had a spell with Basingstoke this season and is now set to join the Rocks.
He’ll join academy team-mate Brad Lethbridge at Nyewood Lane.
Defender Joe Dandy also remains registered with Jack Pearce’s side, although he’s currently sidelined through injury.
Croatia youth international Petar Durin was on loan at Bognor but he’s returned to Fratton Park.