Several media outlets say Rennie has been relieved of his coaching duties and that the Whitecaps will make his firing official on Tuesday.
The Whitecaps (13-12-9) saw their Major League Soccer post-season hopes crushed when they lost their second last game of the season, 3-2 to the Colorado Rapids in Commerce City, Colo on Oct. 19.
Vancouver finished the season in seventh place, with the Rapids (14-11-9) taking the final playoff spot in the Western Conference.
Rennie became head coach of the Whitecaps on Nov. 1, 2011. He joined the team after the Carolina RailHawks, his former club, were eliminated from the United Soccer Leagues First Division's post-season.
The 38-year-old Scot earned a Major League Soccer record of 24-25-19 over his two seasons in Vancouver. He led the Whitecaps to the playoffs in 2012 — his first season with the club — making Vancouver the first Canadian team to ever qualify for the MLS post-season.
The Whitecaps exited in the first round, losing to the eventual-champion Los Angeles Galaxy.
Rennie did not have much more success outside of league play. Vancouver failed to win the Canadian championship and advance to the CONCACAF Champions League under his guidance.
The Whitecaps did win the Cascadia Cup this season, a trophy awarded to the top team in head-to-head competition with the Seattle Sounders and Portland Timbers. It is Vancouver's only championship since joining MLS.
In addition to the Whitecaps and RailHawks, Rennie has coached the Cleveland City Stars of the USL's Second Division and the Cascade Surge of the USL's Premier Development League.
Sportsnet, the Province and the Vancouver Sun were the first to report the decision.
Like this article? Follow our Facebook page
Or follow us on Twitter
Also on HuffPost