According to multiple media reports, the deal is not yet official, but the two sides are said to be working on a deal that would see Vigneault replace former Blueshirts' bench boss, John Tortorella.
Vigneault was fired in May following the Canucks' first-round sweep at the hands of the San Jose Sharks.
The Quebec City native previously coached the Montreal Canadiens, and succeeded Marc Crawford behind Vancouver's bench.
Vigneault's regular-season record over his tenure was 313-170-57, with the Canucks winning their division six out of seven seasons. The team's all-time leader in coaching wins, Vigneault also led the club to two Presidents' Trophy titles.
He led the Canucks to just their third-ever Stanley Cup final appearance.
Vigneault leaves after transforming Vancouver from a struggling club into a perennial contender. He was also recognized for his role in turning the Canucks around when he was awarded the 2007 Jack Adams Award as the NHL's coach of the year.
When he arrived in 2006-07 after a season with the American Hockey League's Manitoba Moose, the Canucks were looking to regroup after missing the playoffs. He was also looking to prove himself after being fired from his first NHL head-coaching job with the Montreal Canadiens in 2000-01.