It's a somewhat shock appointment with Pearson still achieving things at The Walkers Stadium.
Foxes Chairman Milan Mandaric said: "We were greatly surprised to receive the initial approach from Hull. The past few years have been a turbulent time for both me and the supporters at Leicester City.
We have been striving to get a degree of continuity at the Club; however, Nigel has done a fantastic job for us and it would have been wrong of us to deny him the opportunity to speak to another club if he wished.
After speaking to him, we have reluctantly agreed that if he wished to pursue this opportunity at Hull, we would permit it. I am deeply grateful to Nigel for everything he has done for the club. He has put together the foundations of a strong squad and it is now up to us to find a manager to build on those foundations."
A long list of names have been linked to the now vacant post at Leicester but Jones' name is not one of them, yet.