Hm, nasty.
If you really want to drill it out, start with a pilot hole, just off centre. A "centre drill" will give you best results, a normal twist drill of small diameter will be difficult to use as it will flex excessively and probably break. You do not want bits of HSS stuck up your pilot hole, or you will not be able to use it again. Then go right through and enlarge the pilot hole using a twist bit, until it just touches the hub threads. Use an abrafile or Junior hacksaw to cut the rest of the way outwards, through into the hub threads. This will leave a small "slot" in your hub threads, and leave a "C" cross-section of bolt in the hub. Use a punch to "knock in" the rest of the bolt, and abuse a screwdriver to turn the rest out (or use a small cold chisel and turn that).
Do not try to use a screw extractor or similar in a siezed bolt - it *will* snap off, and then you are in trouble, as they are hard.
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