The Canucks announced the plan during the club's annual summer summit Tuesday night. Bure was a member of the Canucks in his first seven NHL seasons, between 1991-92 and 1997-98.
A date for the jersey retirement has not been set.
"It's a huge honour," said Bure after the summit session at Rogers Arena. "I'm just really proud and happy.
"It just brings lots of good memories to be next to those great guys."
Bure says Canucks owner Francesco Aquilini discussed the idea of the jersey retirement with him last year in Toronto.
"He came to see me during my Hall of Fame induction and that was a really big deal for me," said Bure.
While with the Canucks, Bure recorded 254 goals and 224 assists for 478 points in 428 games played. He still holds the franchise record for most points by a rookie with 60 in 65 games played in 1991-92, as well as the club mark for most career short-handed goals (24).
The Moscow native also ranks in the top-5 in franchise history in game-winning goals (32), goals (254) and hat-tricks (nine).
Bure shares the franchise lead in playoff goals alongside Linden, registering 34 in 60 playoff games. In 1994, when the Canucks reached the Stanley Cup final, Bure's 16 playoff goals set a franchise record for most post-season goals in a playoff year.