The 21-year-old is keen to complete the move in favour of staying at Port Vale or joining Plymouth or Sheffield Wednesday, who are also interested in picking up the player. He's agreed personal terms with the Tigers, and if he passes his medical tomorrow then the transfer will go through. It will technically initially be a loan deal, before making it permanent when the transfer window re-opens in January.
Vale manager Martin Foyle said: "A deal has been agreed between the two clubs and from a Port Vale point of view, we feel it is a good price.
"From Billy Paynter's point of view, it is a good move for him and we understood that from the moment it first arose . We would like to wish Billy all the best for the future."
The 6'0" Liverpool-born striker has spent his whole career at Port Vale, scoring 34 goals in 130 starts, including two strikes this season in League One. He will link up again with defender Sam Collins, who made the move from Port Vale to Hull City last week and debuted on Saturday.
Elsewhere, Marc Joseph could join Bristol City on loan.