Delicious, which was founded in 2003 by Joshua Schachter, was acquired by Yahoo in 2005 for a sum reported to be in the region of $10m to $15m.
However, in December last year, the internet giant made clear its plans to sell Delicious, due to a lack of strategic fit.
Hurley and Chen, who founded YouTube in 2005 before selling it to Google 18 months later for $1.76bn (£883m), will take over operations of Delicious in July, when it will become part of their new internet company AVOS.
Yahoo, in a statement, said: "While we love Delicious (and our users love Delicious), we wanted to find a home for the product where it can receive more love and attention. We think AVOS is that place."
Chad Hurley, chief executive of AVOS, said: "We see a tremendous opportunity to simplify the way users save and share content they discover anywhere on the web."
Hurley and Chen will work closely with the Delicious community over the next few months to develop "innovative features", and will relaunch the site in July, making it easier and "more fun" to discover content on the web.
They are also "aggressively" hiring a Delicious team, which will be based in AVOS’s office, in San Mateo, California, which is close to the area where YouTube began.
From today (28 April), users who log in to Delicious will be asked to agree to allow Yahoo to transfer their bookmarks to the new owner.
Last December Yahoo confirmed it was talking to companies about finding a "home outside the company" for Delicious, after a leaked slide of a sunset, fuelled speculation that it would be shutting Delicious down.
Earlier this week Yahoo acquired IntoNow, a check-in and social recommendation television service, for an undisclosed sum.
In its latest financial results, Yahoo reported a 28% drop in net income to $223m (£136.2m) and a 24% drop in revenue to $1.2bn for the first quarter of 2011.
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