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@Ndeipi
Replacing a hub is a lot of work because you'd have to dismantle this wheel and rebuild with the new hub. It would need to be done by someone who can build wheels, and this might cost more than a second hand flip flop wheel.
I'd say it's a better idea to sell/store this rear wheel (with or without the freewheel still attached) and buy a flip flop wheel from this forum (with or without a freewheel and a fixed cog). You can find one with a similar looking rim.
As for the spacing issue, you've three options:
a) Find a flip flop rear wheel with 126mm spacing (I assume they exist)
b) Find a 120mm flip flop rear wheel, probably with 15mm wheel nuts rather than a quick release skewer, and on each side put a 3mm spacer between the cone and the adjacent lock nut. Axles that take quick release skewers will probably not have enough extra length to accommodate the extra 6mm of spacer which is why I suggest opting for a solid axle with 15mm nuts. And of course if you're riding fixed then proper wheel nuts are the proper safe option, QR being riskier.
c) Find a 120mm flip flop rear wheel and do not modify it, then gently cold-set (bend) your frame to 120mm rear spacing.