What will actually happen is we see predator creeping up slowly..slowly..slowly, he gets right behind Loki who appears oblivious to his presence. He goes to strike and stab and..it's an illusion.
Pred turns around and Loki kicks him as hard as he can, launching him several feet away, and then he leisurely decides if he is going to stab the predator with it's own weapon or if he will just use his dagger. Or if he'll just snap it's neck.