Leeds United shot-stopper Milosevic is having his Elland Road contract terminated this week, and had been training with Chris Turner's Second Division side.
However, The Owls have swooped for Preston's Lucas on a month's loan in order to cover injuries to Ola Tidman and Chris Stringer.
The temporary deal is due to be rubber-stamped before the Notts County match on Wednesday night.
Milosevic is unlikely to be short of options and, at 25, the former Australia Under-23 international will be seeking a fresh challenge.
Hull City are leading the chase for his signature, with chairman Adam Pearson knowing the player from his spell at Leeds.
The Carlton-born keeper has previously had loan spells with the likes of Wolves, Plymouth and Crewe Alexandra.
