Jelavic has scored 21 goals in 69 appearances since joining Everton from Scottish club Rangers in January 2012.
He has been out of favour this season, with Everton manager Roberto Martinez preferring on-loan Chelsea forward Romelu Lukaku.
Steve Bruce's Hull side, who are 10th in the standings, host third-placed Chelsea on Saturday.
(Writing by Tony Jimenez; editing by Ken Ferris)