"We have agreed in principle to a deal with Cory Schneider. More news in the next few days," Gillies tweeted. Schneider was scheduled to become a restricted free agent on Sunday.
Multiple media reports, including ESPN and TSN, say the contract is worth $12 million for three years.
The 26-year-old was 20-8-1 for the Canucks this past season with a 1.96 goals-against average and a save percentage of .937. He replaced starter Roberto Luongo for Vancouver's last three playoff games and went 1-2 despite allowing only four goals.
Schneider has spent the past two seasons backing up Luongo, going 36-12-3. He earned $900,000 in 2011-12. For his career, he's 38-17-4 with a 2.24 GAA and .928 save percentage. Schneider was the Canucks' first-round pick (No. 26) in the 2004 NHL Draft.
Luongo, the Canucks' starter since being acquired in 2006, has 10 more seasons remaining on a contract that carries a $5,333,333 cap hit through 2021-22.