The present article proposes a predictive control law for orbital rendezvous hovering phases. The control consists of impulsive thrust corrections that maintain the relative motion between spacecraft bounded. The proposed predictive algorithm accounts for thrusters saturation and a propellant budget on top of the state constraints. It is shown that computing an admissible control is equivalent to determine a point in the intersection between two closed convex sets. To resolve this problem, an alternating projections algorithm is used. The efficiency of the proposed predictive control algorithm is bench tested on a nonlinear simulator.