The 21-year-old will spend the remainder of the campaign in the Championship with Liam Rosenior’s side.
Carvalho returned to Liverpool FC last month following a temporary spell in Germany with RB Leipzig, where he made 15 appearances in the first half of the 2023-24 season.
The attacker joined the Reds from Fulham FC in the summer of 2022 and has made 21 senior appearances for the club to date, scoring three times.
Hull City, who are also loaning Tyler Morton from Liverpool this season, currently sit seventh in the Championship and are next in action on Friday night when they host Norwich City.