Provision of high quality video streaming over hybrid peer to peer networks is being faced with number of challenges that include: limited upload bandwidth of peers, high heterogeneity of peers in terms of bandwidth download capacity, display screen resolutions, processing power and high peer churn rate as a consequence of constantly changing peer population. Facing these challenges, so that the lack of resources can be compensated, does not only require an increase in capacity of the peers with introduction of additional servers but also requires introduction of additional methods for encoding and distribution of multimedia content together with the development of algorithms and protocols intended for optimal usage of available resources. For that purpose scalable video coding is applied so that the quality of live video streaming in hybrid peer to peer network can be assured. With this approach, challenges in providing live video streaming are tackled by efficient use of peer resources, effortless adaptation of multimedia content to network conditions in order to support heterogeneous user preferences and capabilities and peer dynamics. An approach has been proposed for optimal chunk scheduling in live video streaming based on chunk prioritization whose reproduction deadline is nearest. As stated prioritization is not sufficient enough to ensure the quality of service parameters, identification of multi-layer dependencies has also been introduced. During the process of prioritization, a weighted probability of receiving the chunk in due time is also taken into consideration. Proposed chunk scheduling of video stream is presented in a NP-hard problem turning the same into a knapsack problem which is a combinatory optimization problem. For the purpose of solving the stated problem a metaheuristic algorithm based on a taboo search has been introduced due to its capabilities of finding the optimal solution quickest. Verification of the proposed approach has been done using simulation experiments in the OMNET++ simulator. With the application of the simulation method an evaluation of the proposed approach efficiency was conducted together with a comparison with other approaches Random, Round Robin, Local Rarest First for chunk scheduling of live video stream based on the examples with varying number of available layers. It has been proven that with the application of the proposed approach for dynamic chunk scheduling in a live video stream the service will ensure that all quality of service parameters will be below maximum defined values by the service standard.