The former Bolton and Aston Villa star is currently a free agent after his short-term deal with Ipswich came to an end in January.
Now 28-year-old Reo-Coker is ready to quit British football and make the move across the Atlantic.
He had attracted interest from New York Red Bulls and Portland Timbers, but he looks set to seal a move to Canada with Vancouver.
Agent Richard Trafford, who helped broker the deal, confirmed to the Province newspaper: "[Vancouver coach] Martin Rennie did such a good job of selling the club to him.
"It looks like the player will come.
"He had offers from Premier League teams, from Turkey and Greece, but he wants to come to [MLS] at a good age and make a good impact for a few years.
"It's a major league now. He thinks he can add something to the league."