Police and Crime Commissioner Simon Hayes said the Ms Pinkney was "an incredibly strong candidate".
If she is approved, Pinkney will take over from Andy Marsh.
Ms Pinkney is currently the Deputy Chief Constable of Sussex Police. Hampshire is currently being run by acting chief constable Graham McNulty.
She said: "I am delighted to have been selected as the preferred candidate, and it will be an honour to have the opportunity of serving alongside them."
She received the Queen's Police Medal in the 2016 New Year's Honours List.
Mr Hayes added: "Olivia was an incredibly strong candidate and will bring a wealth of operational experience and strategic leadership to the chief constable role."
Hampshire could have its first female Chief Constable by 11 March after Olivia Pinkney has been named the force's preferred candidate.