Evans is a former United reserve team captain, who can play in both defence and midfield and has been part of a number of the club's senior squads.
He joined Carlisle in October on an emergency loan deal, but his progress was hampered by injury.
Evans will join a number of familiar faces such as Jimmy Bullard, Nolberto Solano and Nicky Barmby at the KC Stadium.
Assem and Ehab Allam recently completed their £40m takeover of Hull and are now keen to improve the squad with young talent.
Evans has been involved with the Northern Ireland senior squad in recent months and scored the winning goal against Slovenia in September's Euro 2012 qualifying game.
In July 2010, he made his United debut on the club's North American tour.
His brother Jonny left Old Trafford in a similar loan deal to play in the Championship with Sunderland earlier in his career.
Source: BBC Sport