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Myhill has also signed a new, improved contract, although the length remains the same. In September, he signed until June 2008 after making an impressive start to the season. The Hull Daily Mail reports that he has signed a new deal now, which runs to June 2008.
Meanwhile, chairman Adam Pearson has revealed that Steve McPhee - who has also signed a new contract recently - cost the club almost £400,000 when he joined from Beira Mar last May.
Pearson said: "When it's all totaled up he cost just short of £400,000 worth of investment in terms of transfer fees and agents fees, plus European disbursement fees.
"He is by some degree the most expensive player we've ever brought in. You have to pay 10 per cent to all of the clubs he's previously been at when you pay a European fee. He was an expensive player."
The Scottish striker has played just four times since that move, but Pearson said: "You don't want to throw that kind of investment away."
McPhee, who was originally only on a two-year contract, is therefore the club's record signing, surpassing the likes of Lawrie Dudfield and Stuart Elliott, who both cost in the region of £250,000, and Darryl Duffy, who cost just over that figure five months ago.
For a full run-down of the length of players' contracts, click here.