The Telegraph has had word from sources close to the deal, saying they expect to sign on the dotted line in the next few weeks, in the aim to make the service live by September.
Word is Hulu will launch with 3,000 hours of American content alongside content from the Beeb, ITV and Channel 4. It will then work on building up its UK shows in the early period to catch up to its American offering.
It is thought that Hulu will provide a similar service to other video on demand services, by churning out the content the night after broadcast, and leaving it active for 30 days.
However, there have been problems. It seems Hulu is wanting to grab the cash, and take control of advertising sales around content on the platform – something Channel 4 and ITV aren't warming to easily.
A senior TV advertising executive explained to the Telegraph: “Hulu is proposing a model that works in the American marketplace – however Channel 4 and ITV will not consent to that. Both parties always retain the commercial rights and sell their own ad inventory. Hulu executives want a September launch and are running out of time if they continue with this line of negotiation."
We'll keep you updated with news on this as we get it.