Zamalek said on Sunday that a six-month loan deal worth £600,000 plus clauses has been agreed with the Tigers, who later clarified the situation.
Zaki is believed to have passed a medical at KC Stadium on Sunday, but has yet to put pen on paper with the Premier League strugglers.
"It is not a done deal yet but things are moving towards that scenario," Hull chairman Pearson told the Mail on Monday.
"We're proceeding with the deal to bring Zaki in until the end of the season and we expect all the paperwork to be completed by the end of the week."
Risk
Pearson conceded that signing Zaki is a 'risk worth taking', following the 26-year-old's turbulent stint at Wigan last season.
After hitting 10 goals with the Latics in 2008, the Bulldozer ended his spell in England on a low note, thanks to a string of off-field indiscipline.
"He had a checkered background with Wigan last year and there's obviously a risk element in such a deal," Pearson added.
"But we feel that the boy has something to prove and hopefully we'll see a hungry player.
"The team is working ever so hard defensively and across the side, but we feel that we need a goal threat in the final third.
"The club is all about hard work at the moment, from every player we saw at Tottenham through to the coaching staff.
"He has to fit into that work ethic and we feel it is a risk worth taking."
Injury
The Hull chief played down Zaki's recent injury problems, a setback that has taken its toll on the well-built striker throughout last year.
"Zaki has been out with an injury for the last seven weeks and while he is now fit, he is not quite match fit," he added.
"It could around the date of the Wolves game before he is match-fit.
"His injury is okay but his fitness is down, but we feel that the risk is worth taking because we're obviously in need of a goal threat up front."
Zaki's troublesome hamstring forced him to miss Egypt's African Cup of Nations campaign, just like he did in the Confederations Cup in June 2009.