The 23-year-old - considered the jewel in the Tigers' crown - has excelled at the back in the current Championship campaign with two goals and four assists from 36 matches in the second tier.
Greaves - who has played as a left-back and also captained Liam Rosenior's side on a few occasions this season - boasts a total of six goals and eight assists in 170 matches for Hull, whom he joined as a schoolboy in 2008.
Thanks to the efforts of the 6ft 4in centre-back, Hull are in the Championship playoff picture as they reside in seventh in the table, only behind sixth-placed Norwich City on goal difference.
Back in the summer of 2022, Hull and Greaves shook hands on a contract extension until 2026 with the option of a further 12 months, but the Tigers are braced for summer bids regardless of their promotion fate.
Everton are already said to have taken a liking to Greaves as they scope out possible replacements for Jarrad Branthwaite, who is said to be Manchester United's top target for the summer window.
Sean Dyche's side could potentially raise as much as £100m through Branthwaite's sale, but should the Toffees suffer relegation while Hull return to the top flight, their chances of landing the 23-year-old will diminish significantly.
In a further blow to the Toffees' hopes of striking a deal, Sky Sports News - via TEAMtalk - claims that Champions League-chasing Tottenham have also thrown their hat into the ring.
Lilywhites boss Ange Postecoglou was sometimes forced to deploy a backline comprising four full-backs earlier in the season, due to Cristian Romero's suspension and Micky van de Ven's severe hamstring injury.
With Eric Dier consigned to the fringes of the side before leaving for Bayern Munich, Emerson Royal and Ben Davies would line up as Spurs' central barrier, but Van de Ven and Romero have since reformed their formidable partnership.
Radu Dragusin was also brought to North London from Genoa in the January transfer window, and the Romanian could now play a more prominent role in the team after Van de Ven suffered an injury against Aston Villa at the weekend.
The Dutchman is not believed to have suffered as severe an injury as he did towards the end of 2023, but he is not expected to be back in action before the international break, meaning that Dragusin could make his full Premier League debut against Fulham on Saturday.
While Van de Ven, Romero and Dragusin are virtually guaranteed to be at the club next summer, Joe Rodon and Japhet Tanganga - currently on loan at Leeds United and Millwall respectively - are facing uncertain futures.
Ashley Phillips, meanwhile, has impressed during a spell with Championship side Plymouth Argyle, but it remains to be seen whether he is integrated into Postecoglou's first-team squad for the 2024-25 season.
Tottenham sit fifth in the Premier League table with 53 points from 27 matches, but their four-goal thrashing of Villa leaves them just two points behind the Lions with a game in hand.