Sky Italy understand Ranocchia will fly to England on Monday
evening and undergo a medical on Tuesday.
The 28-year-old Ranocchia has made 21 caps for Italy since 2010.
The defender joined Inter Milan for £10.7m during the January transfer window of 2011 from Genoa, and has since made 166 appearances in all competitions for the Inter.
Ranocchia spent the second half of last season on loan at
Sampdoria and now looks set for a move to the Premier
Ranocchia would be Marco Silva's sixth signing of the window, having signed Markus Henriksen and Evandro on permanent deals, along with the loan signings of Niasse, Elabdellaoui and Markovic.
Hull also agreed a £3m fee with Watford for midfielder Adlene
Guedioura earlier on Monday.
Silva will be keen on additions having lost Jake Livermore and Robert Snodgrass so far this window, while left-back Andy Roberston has also been the subject of interest from Burnley.