Authorities will evaluate farms and inventories and offer a one-off payment of 120 yuan ($16) per kilogram of rat snake, king ratsnake and cobra, while a kilogram of bamboo rat will fetch 75 yuan.
A civet cat — the animal believed to have carried Severe Acute Respiratory Syndrome (SARS) to humans in another coronavirus outbreak nearly two decades ago — would fetch 600 yuan.
Neighboring Jiangxi province has also released plans to help farmers dispose of animals, as well as financial aid.
The state-run Jiangxi Daily newspaper reported last week that the province has more than 2,300 licensed breeders, mostly rearing wild animals for food.
Their stock is worth about 1.6 billion yuan ($225 million), the report said.
Both Jiangxi and Hunan border Hubei, the province where the coronavirus first emerged in December.
Animal rights group Humane Society International (HSI) said Hunan and Jiangxi are “major wildlife breeding provinces”, with Jiangxi seeing a rapid expansion of the trade over the last decade.