ANSWER : NO. The above-mentioned usage is incorrect.
REASON: The infinite forms of both verbs are as follows:
And it's easy to mistake that the same modification to the verb would yield the same meaning. But English is a tricky language.
And hope cannot exist without specifying what one is waiting eagerly for to happen.
"We are expecting a monsoon this year" means that the people are waiting for it to rain, based on a previous prediction or calculation.
"We are hoping for a monsoon this year" means that people are waiting for it to rain, but it isn't clear whether or not it is based off of a previous prediction or calculation.
And in that regards, we can't replace "expecting" with "hoping for" without the meaning changing, but I guess you may use it if you please.