The Tigers are enjoying a great season and look set to be firmly in the mix for a play-off spot, which has been enhanced with the Liverpool man now on board.
Carvalho was playing Champions League football just a month ago during a loan spell with RB Leipzig, meaning his move to the KCOM Stadium will be a major coup.
For the Portugal under-21 international, the move to Hull could be the perfect move to reignite his career.
As well as developing a technically-gifted team of their own, the east Yorkshire side have a great track record of turning players into elite-level stars.
Carvalho joins fellow Liverpool talent Tyler Morton in Liam Rosenior's side, while Man City youngster Liam Delap is also on board, scoring seven goals already this term.
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But going back over recent years, there's quite a roll call of Premier League stars who can credit Hull with their route to the big time.
Andrew Robertson
Fans know Robertson as the Liverpool stalwart who has been an integral part of Jurgen Klopp's side for many years.
However, in 2014 he arrived at Hull City in a £2.85million deal from Dundee United and glory in Europe and in the Premier League were a pipe dream.
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In three years with Hull, Robertson won promotion once and was relegated twice, but earned an £8m move to Anfield in 2017 where he has gone on to win the Premier League, the Champions League and both domestic cups.
Harry Maguire
In an almost identical career trajectory to Robertson, Maguire started his career with Sheffield United before joining Hull for £2.5million.
Between 2014 and 2017, Maguire made 74 appearances for the club at the heart of their defence, before finding the offer to stay in the Premier League too hard to turn down when the Tigers were relegated.
Joining Leicester for £12million, Maguire stayed at the King Power Stadium for two years then joined Manchester United for £80million to make him the world's most expensive defender.
Since then he became club captain and won the EFL Cup and picked up more than 63 caps for England.
Fikayo Tomori
With Maguire leaving for Leicester in 2017, Hull needed a new centre back as they prepared for life back in the Championship.
Their solution was to sign a young Chelsea defender by the name of Fikayo Tomori on a season-long loan.
While Hull struggled to an 18th-place finish, Tomori made 26 appearances in a mixed loan spell, but it was enough to convince Derby to bring him in the following year under the leadership of Frank Lampard.
One year at Derby led to him being given a chance with boyhood club Chelsea where he made 27 appearances before joining AC Milan on a loan-to-buy deal worth £25million where the 26-year-old has since made 129 appearances, won Serie A and impressed Paolo Maldini, widely regarded as one of the best defenders of the last 30 years.
Harry Wilson
A Liverpool starlet, Wilson signed a long-term deal at Anfield and was immediately sent on loan to Hull.
In 14 appearances, he scored seven goals and bagged four assists to really announce himself.
Loan spells with Derby, Bournemouth and Cardiff followed, before the winger headed to Fulham on loan - a deal that turned into a permanent move worth £12million.
Since then, Wilson has made 83 Premier League appearances, as well as winning 53 caps for Wales, scoring eight goals in the process.
Jarrod Bowen
One of the biggest examples of a Premier League star who was made in east Yorkshire.
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Having started his career with Hereford Town, Bowen moved to Hull in 2014 and went on to enjoy five and a half years with the Tigers, scoring 54 goals for the club.
One of the Championship's top forward, the now-England international moved to West Ham for a fee of £22million and has 90 goal involvements in 184 games, while his goal against Fiorentina won West Ham the Europa Conference League in 2023.