The 30-year-old is a familiar face to Tigers boss Steve Bruce, who also signed him when he was in charge of the Latics in 2008.
Figueroa has agreed a two-year deal with Hull, who won promotion to the Barclays Premier League by finishing second in the npower Championship last season.
Talks between Figueroa and the club have been ongoing since the Honduras international's contract with relegated Wigan expired.
He is Hull's second signing of the summer following George Boyd, whose loan move from Peterborough was made permanent last month.
Figueroa is delighted to be reunited with Bruce, the man who brought him to English football.
"When the team were playing the final few games in the Championship, I paid close attention to the results because I wanted Steve Bruce to achieve promotion," he said. "I was happy for him to earn the success. He is a great manager and I'm looking forward to working with him again.
"I'm happy to be here and to be a part of the club. It is a big challenge for me, but it's certainly one I'm looking forward to."
Figueroa admits he had considered the possibility of a move to the KC Stadium as soon as they sealed their place in the top flight on the final day of the season, a 2-2 draw against league winners Cardiff.
He added: "I watched the Cardiff game and after the final whistle I turned to my wife and said 'Hull could be an option for me next year'."
- Sports & Recreation
- Steve Bruce