Martin Boyle scored 24 goals for Hibs.
The Saudi Arabian club offered about 3 million dollars more than the previous offer, but Martin Boyle agreed to join them.
The 28-year-old forward, who has scored 14 goals this season, was the subject of two bids.
The club's valuation of the Australia international has been met and the move is set to be confirmed on Friday.
The Scottish Cup tie between Cove Rangers and Hibs was not played by the man who has been at the club since 2015.
Celtic beat Hibs.
He will be out of the league games against Motherwell and Hearts when he leaves for World Cup qualification on January 27 and February 1.
He played his last game for Hibs in the summer of 2019.
Prior to Thursday's cup tie, the manager said there was nothing definitive at the moment.
I had to make a decision for the team and the player. We might have more information in the next 48 hours.
Al-Faisaly finished ninth in the Saudi Pro League last season.
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