According to multiple media reports, the Oilers have agreed to send their captain to the Dallas Stars in exchange for defenceman Philip Larsen and a future seventh-round draft pick.
The team hasn't made any official announcements.
Horcoff dealt with multiple injuries last season and scored just seven goals and five assists in 31 games. Following the end of the lockout-shortened regular season and Craig MacTavish being named Oilers general manager, Horcoff became the subject of trade rumours.
The Trail, B.C., native was drafted by the Oilers in 1998 in the fourth round, 99th overall and has spent his entire 12-year NHL career in Edmonton.
Horcoff, 34, has two years left on his contract and comes with a $5.5 million US annual cap hit.
The 23-year-old Larsen had five points in 32 games with the Stars last season and has a total of 19 points in parts of four campaigns in Dallas.
Earlier in the day on Thursday, Stars general manager Jim Nill acquired Tyler Seguin, Rich Peverley and Ryan Button from the Boston Bruins for Loui Eriksson, Reilly Smith, Joe Morrow and Matt Fraser.