Hawks today confirmed they have reached an agreement with Salford which will see the Super League club pay a transfer fee for Hood - with a Red Devils first team player joining Hunslet on a season-long loan next year in part-exchange.
Hood, 22, originally joined Hunslet on dual registration last year, when he was under contract at Leeds.
He scored five tries in 19 appearances and last season and has touched down eight times in 12 games this year.
Hood was released by Rhinos a year ago and had signed a deal with Hunslet for 2015.
Hawks director of rugby Darren Williams said: ”Whilst obviously disappointed in losing such a key player who was part of our planning for 2015, it’s a tremendous opportunity for Liam to get back into a full-time environment and join such an exciting squad of players at Salford.
“It’s great to see Super League clubs like the Red Devils giving young English talent an opportunity to prove themselves at the highest level and Liam goes with the club’s best wishes.”
Williams added: “We’re proud to have aided his development to get back to the top level of rugby league in the UK and when we sell Hunslet to young players with ambition we provide them with a stage to showcase their talents and like Andy Yates last year he’s grabbed it with both hands.
“I would like to thank [chief executive] Martin Vickers and all at the Salford club for their professionalism during this process”