"Zenit and Shanghai SIPG have come to an agreement regarding the transfer of the Brazilian forward. Compensation for the player will total 55.8 million euros (46.16 million pounds) and there will be add-ons," Zenit said in a statement on their website (www.fc-zenit.ru read).
The transfer deal is the biggest in Russian football history.
The 29-year-old Hulk, who has won 46 caps for Brazil and scored 11 goals, joined Zenit from Porto in 2012 for 40 million euros (33.09 million pounds). He scored 56 goals for Zenit in 97 Russian Premier League matches and was the league's top scorer in the 2014-15 season with 15 goals.
Zenit finished third last season. The club missed out on qualification for the Champions League and will play in the Europa League.
Shanghai SIPG, fourth in the Chinese Super League, are coached by the former England manager Sven-Goran Eriksson.
(Reporting by Dmitriy Rogovitskiy, editing by Ed Osmond)
