Belaid is a free agent after leaving Slavia Prague and has been training with Hull for the past week.
City boss Nigel Pearson told BBC Radio Humberside: "The deal to all intents and purposes is done, we're just waiting for the final registration."
Pearson added: "We became aware of his availability last week, and that on a contractual obligation he was a free agent and we've been able to have a look at him.
"He's a creative midfield player, so long as he's able to adapt to the English game, I'm sure he'll have a good impact."
France-born Belaid started his career at Inter Milan and has had a loan spell at PSV Eindhoven. He has made 19 appearances for Tunisia, scoring three goals, and had been at Slavia Prague since 2008.
Source: BBC Sport