The 25-year-old has signed a three-year deal with the option of an extra 12 months.
Dicko, who scored against the Tigers to help Wanderers to a 3-2 victory at the KCOM Stadium earlier this season, is delighted to complete the switch.
He said: “I am really happy to be here and hopefully it is going to be a good time for the club and for me.
“It’s a move that has been on the cards for a couple of weeks, ever since Wolves played Hull up here. I found out that Hull City were interested in signing me and things started moving from there.
“I’m glad that everything is sorted now and I’m looking forward to settling down here and getting started.”
Dicko scored 31 goals in 96 league appearances for Wolves.