Record reports that talks between the two clubs are ongoing and the broad shape of the deal is already largely agreed: Ivanovic will leave on a paid loan that includes an obligation to buy, worth at least €25m in total to Benfica.
The specific performance conditions that will trigger the permanent transfer are still being finalised, but O Jogo adds that the total package, once the obligation is activated, is expected to land close to that figure — comfortably above the €22.8m Benfica paid Union Saint-Gilloise for him almost exactly a year ago, with the Belgian club also retaining a 20 per cent sell-on clause.
Ivanovic, 22, made 42 appearances in his debut season at the Estadio da Luz, scoring eight goals and adding two assists, but has slipped to third choice up front behind Vangelis Pavlidis and new signing Jhon Duran, and did not feature at all in Benfica's 5-0 Europa League qualifying win over St Gallen this week.
Real Betis and Como have also been credited with interest, but Hull City, newly promoted to the Premier League, have emerged as the clear favourites, helped by the presence of head coach Sergej Jakirovic, who knows the player well from his time in Croatian football at Dinamo Zagreb, when Ivanovic was coming through the ranks at Rijeka.
The move comes in the same week Benfica also sold defender Antonio Silva to Bournemouth, with the Portuguese club continuing to balance the books through player sales even as they strengthen elsewhere. Ivanovic remains under contract at Benfica until 2030, giving the Portuguese giants a strong negotiating position regardless of how quickly the Hull City deal is finalised.
Born in Schwaz, Austria, Ivanovic chose to represent Croatia at international level and was thrust straight into Benfica's starting XI when Marco Silva handed him his debut in the club's first competitive fixture of last season.
Hull's promotion back to the Premier League after a lengthy absence has been backed by fresh investment from owner Acun Ilicali, who has already brought in Hidemasa Morita from Sporting this summer and is understood to have earmarked further funds for reinforcements before the window closes.