The 22-year-old has made over 150 appearances across loan spells with six different clubs, most recently Accrington in League One last season.
McCann said: “I'm very pleased to get Nathan in on a season-long loan. Nathan's been our number one target and he made it very clear to me after our initial conversation that Hull City was where he wanted to come.
“He's had a great upbringing and has progressed with each loan he's had and comes to us with a great drive and determination to show what he's about. He's a very ambitious lad and he's rated very highly at Chelsea, so we are delighted to get the deal done.
“We now have four excellent goalkeepers in Matt Ingram, Nathan Baxter, Harvey Cartwright and David Robson. I'm looking forward to seeing them push each other every day under the guidance of Barry Richardson."
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