We study central simple algebras with involution of the first kind that become hyperbolic over the function field of the conic associated to a given quaternion algebra $Q$. We classify these algebras in degree~$4$ and give an example of such a division algebra with orthogonal involution of degree~$8$ that does not contain $Q$ with its canonical involution, even though it contains $Q$ and is totally decomposable into a tensor product of quaternion algebras with involution.