The Lions received a 2023 second-round pick and a 2024 third-round pick, while the Vikings got a 2023 fourth-round selection and a conditional 2024 fourth-round pick along with Hockenson.
The conditional 2024 fourth-round pick that Detroit sent to Minnesota will become a 2024 fifth-round round pick if the Vikings win a playoff game, a source told Schefter.
The trade is pending Hockenson passing a physical, the Vikings announced.
Hockenson thanked the Lions and greeted the Vikings in an Instagram post.
Hockenson, 25, has 26 receptions for 395 yards and three touchdowns in seven games this season. With the trade, he goes from last place in the NFC North with the Lions (1-6) to first place with the Vikings (6-1).
He fills an immediate need for the Vikings, as tight end Irv Smith Jr. suffered a high ankle sprain in Sunday's victory over the Arizona Cardinals and is expected to miss eight to 10 weeks, a source told ESPN's Adam Schefter. Smith was placed on injured reserve on Tuesday.
The Vikings entered the season with questions about their depth at tight end after allowing 2021 starter Tyler Conklin to sign with the New York Jets in free agency. Smith missed the entire 2021 season because of a right knee injury and then most of training camp because of a thumb injury. He has played in all seven regular-season games but hasn't started any of them while sharing snaps with free agent acquisition Johnny Mundt.
This is the second major in-division trade between the Vikings and Lions this year. On Day 1 of the draft, the Lions acquired the No. 12 pick from the Vikings and used it to select receiver Jameson Williams.
Hockenson has 186 receptions for 2,058 yards and 15 touchdowns in his four seasons with the Lions. He was selected to the Pro Bowl in 2020, when he set career highs in receptions (67), yards (723) and touchdowns (6).
Hockenson, drafted by the Lions in the first round of the 2019 draft, will be an unrestricted free agent after the 2023 season.
Brock Wright, who has six receptions for 88 yards this season, is expected to replace Hockenson as the Lions' starting tight end.
ESPN's Kevin Seifert and Eric Woodyard contributed to this report.