Clancy, who joined from Motherwell in the summer, was absent for December's William Hill 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 Clydesdale Bank Premier League clash at Tynecastle on Thursday.
The 28-year-old said: "It's a massive game against Hearts. It's a huge game on the calendar."
He added: "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."