Hull keep striker Pedro and sign Puerta permanently.
Hull City have exercised a one-year extension option in the contract of Joao Pedro.
The 33-year-old Brazilian forward, who has one senior cap for Italy, joined Hull last September.
He scored six goals in 35 league games for the Tigers as they avoided relegation from the Championship on the last day of the season.
Hull will also sign midfielder Gustavo Puerta permanently on 1 July, after a clause was triggered in his loan deal.
The 21-year-old, who played 31 times in his season-long loan, will join on a three-year contract from Bayer Leverkusen with the option of an extra year.
This news comes less than 48 hours after the announcement that the Tigers parted company with head coach Ruben Selles.
Hull City part company with head coach Selles
Hull City bring in forward Pedro
However, the Tigers are releasing long-serving full-back Brandon Fleming, midfielder Callum Jones and wingers Nordin Amrabat and Dogukan Sinik.
Morocco winger Amrabat played 10 times after joining on a short-term deal in January.

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