Wigan have announced Uwe Rosler as their new manager after agreeing compensation with Brentford.
Marseille have parted company with manager Elie Baup in the wake of Friday's defeat to Nantes at the Stade Velodrome.
Fryatt has made just two appearances for the Tigers this season, both in the Capital One Cup, and manager Steve Bruce has been eager to get him a short-term deal to build match sharpness.
Leeds had been interested in the player, with boss Brian McDermott present at Hull's midweek cup win over Huddersfield, but the Owls have secured a deal for the 27-year-old.
"Matty needs to go somewhere and play. One game a month in a cup competition is not enough," said Bruce.
"He needs to go and play four, five, six games in the Championship.
"He could do with that and it could do him the world of good."