Cho, 22, is due to fly to England in the coming hours to complete a medical, with Premier League new boys Hull hopeful of formalising the move shortly afterwards.
The fee is a fixed £13million, equivalent to roughly 168 million Swedish kronor, with substantial add-ons available depending on whether Hull retain their top-flight status this season.
The France-born winger, who has Moroccan and Ivorian heritage, joined Nice from Real Sociedad in January 2024 and is contracted at the Allianz Riviera until the summer of 2028. He contributed five goals and four assists in 37 appearances across all competitions last season, establishing himself as a regular fixture for Les Aiglons.
Cho previously came through the youth ranks at Angers before his move to Spain, and his versatility across the front line has made him an attractive option for a Hull side determined to strengthen after an eye-catching start to their Premier League return.
The Tigers began life back in the top flight with a stunning 2-0 win over Manchester United at the MKM Stadium on Saturday, a result that has raised expectations around further additions before the transfer window closes.
Sweden international Elliot Stroud, a £3.5million summer signing from Allsvenskan champions Mjällby, started that victory and is among the new faces expected to feature heavily as Hull City look to build on their promising opener.
Should the move for Cho be completed, he would become one of Hull's highest-profile attacking signings since their promotion from the Championship, adding further firepower to a squad already reshaped extensively over the summer.
Hull's business this window has been extensive as they attempt to establish themselves in the top flight for the first time since 2016-17. Alongside Stroud, the club have brought in goalkeeper Konstantinos Tzolakis, defender Matt Targett and midfielder Hidemasa Morita among a wave of new arrivals.
Cho's arrival would give head coach Sergej Jakirović a genuine wide-attacking option with Ligue 1 pedigree, having established himself as a regular starter for Nice following his move from Real Sociedad, where he had been signed as a highly rated teenager. His combination of pace and directness has caught the eye of recruitment staff across the Premier League.
With the transfer window entering its closing stages, Hull's move for Cho reflects a broader ambition to build on their promising start rather than settle for survival alone.