Cut a styrofoam circle and tap it into the hole about 1/2" below flush, use hydraulic cement to fill it flush as stated it wont shrink and if mixed stiff it will not sag but the stuff dries fast(like five minutes). If you use a sponge and a brick jointer you can make the patch match the block if you need it to look good.
I fixed an old chimney hole in my block basement and after paint you could not see where the patch was.