This might work, depending on your DM.
As Thomas Markov says in their answer, since Empty Body is an action, it can be used with the Ready action. As they further point out, the rules for readied actions require that the stated trigger be perceivable, and “if I am attacked” may or may not be judged by your DM as a valid trigger. Up to here, we are in complete agreement.
However, Thomas Markov makes the claim that "the more important challenge to your scheme is that your readied action happens after the trigger is resolved" (which is true) and that "your Empty Body action would occur after you have already been attacked, and it would not help you for that attack" (which is an interpretation and could be disputed).
What follows may prove useful if you are interested in an alternate interpretation.
It could be that your DM rules that the monk's Reaction triggers when the monk is "attacked", meaning that an entire attack sequence plays out before the monk is permitted to respond. If the attacker had Multiattack or Extra Attack, the best you could hope for would be to use Empty Body after the first attack but before the second.
However, you state that your hope would be to use Empty Body after the attack is "initiated" but before it lands. In this case, you would want to specify that your trigger for using your Reaction was when your monk is targeted by an attack.
There are three steps to Making an Attack:
1. Choose a target. Pick a target within your attack's range...
2. Determine modifiers. {cover, advantage, disadvantage, spells, special abilities, other effects}...
3. Resolve the attack. You make the attack roll...
By saying you would like the monk's Reaction to trigger upon being targeted, you are saying that you would like it to occur after Step 1 of Making an Attack had concluded, but before Step 2 had begun. For this to work, you would need your DM's buy-in that first, the foe's election of you as a target, even before the strike itself, was a perceivable circumstance, and second, that your Reaction could operate on fine enough a scale to occur between steps of the attack, rather than after the entire attack. That's a big ask, and many DM's would simply say that it is not possible.
However, precisely this interruption of the attack sequence is relied upon in several special abilities, such as the Protection Fighting Style, the Goblin Boss's Redirect Attack, the Mastermind Rogue's Misdirection ability, and the redirection of attacks permitted by the Mounted Combatant Feat. In all of these cases, the creature with the ability in question uses it after the target of an attack has been chosen, but before the attack roll has been made.
What is not clear is whether the ability to perceive the target of an attack before the attack roll is made is something that every creature (including your monk) has inherently, or whether it is granted by a specific feature such as those listed above. Thus, your DM has the final say in terms of whether your monk can Empty Body in response to being targeted by an attack but before the attack actually hits. That is at least a legitimate possibility you can discuss with them, though.