Hull are 18th in the Premier League and have collected four points in their last seven games.
Stephen Hunt has been the club's most potent attacker, with five goals in 21 appearances, and manager Phil Brown has been keen to add to firepower to his squad.
Manchester City's Ecuadorian forward Felipe Caicedo had been a target before he joined Spanish side Malaga on loan earlier this month.
But Brown could also lose some attacking options before the transfer window closes.
He has been asked by Pearson to reduce the club's wage bill by about £9m and has admitted he will allow strikers Caleb Folan and Daniel Cousin to leave.
Egyptian side Zamalek had claimed last week they were close to agreeing a deal for Stoke City to take Zaki back to the Premier League.
On his previous stay in England, Zaki failed to land a permanent deal with Wigan and, following a fourth fine for failing to report back on time from his time away with the Egypt team, Bruce labelled Zaki "the most unprofessional player I have ever worked with".
Prior to that, the current Sunderland boss had been singing his praises after Zaki scored eight goals in his first 10 games in England.
Zaki told the Hull Daily Mail: "There have been many things written about me in the past. I want to prove that I am a good player but also a good man."
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