The move will be announced ahead of this weekend’s Abu Dhabi Grand Prix, allowing Hulkenberg to drive for the team at the tyre test which follows the season finale next week.
Hulkenberg, 35, has not had a full-time F1 drive since 2019 but four appearances since as a COVID-19 super-sub. He impressed on his two appearances for Racing Point in 2020, before stepping in for Sebastian Vettel at Aston Martin at the start of this season.
Hulkenberg has started 181 races since his debut at the 2010 Bahrain Grand Prix with Williams.
The move leaves Schumacher, son of seven-time world champion Michael, with an uncertain future in F1.
Schumacher has been part of the Ferrari academy since 2019 but it is understood he will no longer be affiliated with the team his father won five world titles with beyond the end of this season.
Although he scored points at two races this year, Schumacher has been involved in a costly series of accidents in his time with the team, which are believed to have been a major reason for the team not continuing with him for a third season.
Haas is understood to have favoured experience for their next driver pairing, with Hulkenberg set to partner Kevin Magnussen.
The team struggled with rookie duo Schumacher and Nikita Mazepin in 2021, although the latter was replaced by Magnussen on the eve of the current season.
Magnussen claimed Haas’ first ever pole position at the Brazilian Grand Prix last week. The 14 points Magnussen scored in the opening four races of the season have also helped the team keep up with AlphaTauri in the fight for eighth in the championship this season, highlighting to senior management the importance of an experienced driver line-up.