The 26-year-old Schneider was set to become a restricted free agent on Sunday.
"We have agreed in principle to a deal with Cory Schneider. More news in the next few days," Gillis posted on his official Twitter account.
The Canucks have made it known this off-season that they are looking to trade Luongo and the remaining 10 years on his mammoth contract.
Schneider earned US$900,000 last year and is due for a hefty raise.
In 68 career games, the Marblehead, Mass., native has a 38-17-4 record with a 2.24 goals-against average and a .928 save percentage.