Silver salt/poly(2-hydroxyethyl methacrylate) (poly(HEMA)) hybrid particles were first prepared by inverse miniemulsion polymerization of 2-hydroxyethyl methacrylate (HEMA) with silver tetrafluoroborate (AgBF(4)) as a lipophobe. High silver salt loads of up to 13% with respect to the disperse phase were achieved. The silver/poly(HEMA) hybrid particles were subsequently formed via a gas-phase in situ reduction of AgBF4 by hydrazine on the surfaces of silver salt/poly(HEMA) particles. The formation of silver nanoparticles was confirmed by UV-vis spectroscopy and X-ray diffraction. The morphology of the hybrid particles of silver salt/poly(HEMA) and silver/poly(HEMA) was fully characterized by transmission electron microscopy (TEM), atomic force microscopy (AFM), and dynamic light scattering (DLS). The influence of the reaction parameters including the type and amount of cosolvent, salt content, and type of surfactant on the particle properties and colloidal stability during the reduction process was thoroughly investigated.