Abstract The hippocampus has been a focus of memory research since H.M’s surgery in 1953 abolished his ability to form new memories, yet its mechanistic role in memory is still debated. Here, we identify a novel, systems-level candidate memory mechanism: an anticipatory hippocampal “convergence state”, observed while awaiting valuable information, that both predicts later memory, and accounts for the relationship between midbrain activation and enhanced learning. To reveal this state, we leveraged endogenous neuromodulation associated with motivation: During fMRI, participants viewed trivia questions eliciting high or low curiosity, each followed seconds later by its answer. We reasoned that memory encoding success requires a convergence of factors, and as such, hippocampal states associated with remembered trials would be less variable than forgotten ones. Using a novel multivariate approach, we measured convergence by quantifying the typicality of spatially distributed patterns. We found that during anticipation of trivia answers, hippocampal states showed greater convergence under high than low curiosity. Crucially, convergence in the hippocampus increased with greater midbrain activation and uniquely accounted for the association between midbrain activation and subsequent memory recall. We propose that this novel convergence state in the hippocampus reflects a mechanism of its contribution to long term memory formation and that engagement of this convergence state completes the cascade from motivation to midbrain activity to memory enhancement.