Earlier in the week, the Wall Street Journal reported that talks between Mr Hurd and Oracle were ongoing although the role he would take on was not decided.
However, Oracle has confirmed that HP's former executive will take over the role of president from Charles Phillips as well as joining the firm's board of directors.
Larry Ellison, chief executive officer at Oracle, said: "Mark did a brilliant job at HP and I expect heâll do even better at Oracle.
"There is no executive in the IT world with more relevant experience than Mark. Oracleâs future is engineering complete and integrated hardware and software systems for the enterprise."
Mr Ellison has been vocal in his support for Mr Hurd since the allegations emerged.
An ex-marketing contractor at HP accused Mr Hurd of sexual harassment while further claims suggested that he had filed expenses incorrectly.
However, an investigation by the firm did not find its CEO guilty of violating the firmâs policy on the former claim although invalid expense forms were found to have been submitted.
By Jim Ottewill