Renney, who previously was an associate coach on Mike Babcock's staff with the Detroit Red Wings, will replace Bob Nicholson, who resigned earlier this year.
The announcement is expected to take place Tuesday afternoon in Calgary.
Renney is a well-respected hockey person with 17 years of coaching experience in the NHL, WHL and internationally. He spent the past two seasons with the Red Wings.
Before that, Renney was head coach of the Edmonton Oilers, New York Rangers and Vancouver Canucks. The 59-year-old Cranbook, B.C., native served as head coach of Team Canada for two years, including the 1994 Olympics, after two seasons behind the bench of the WHL's Kamloops Blazers.
Renney also served as Rangers' director of player personnel and vice president of player development.
His history with Hockey Canada is a long one. In addition to winning a silver medal at the 1994 Olympics, Renney has coached Canada in 10 world championships and also served as vice president of hockey operations in 1998 and 1999.
Former Colorado head coach and recent Pittsburgh assistant Tony Granato will replace Renney in Detroit, according to multiple reports.
Hockey Canada's board of directors began its confidential search for Nicholson's replacement in April with the expectation of making a hire by the end of July.
In June, Nicholson was named vice chairman of Oilers Entertainment Group in Edmonton. He maintained his position as vice president of the International Ice Hockey Federation.
The day he resigned, Nicholson said he hoped his successor cared about the game.
"Make sure that you're in Flin Flon and all the small (towns with) minor hockey across the country," Nicholson said April 4. "Talk about sledge hockey, talk about women's hockey. The other stuff'll come. The NHL, the Canadian Hockey League, we have good partnerships there and it'll continue to be strong."