Ballard, 30, has two-years left on his current contract that comes with an annual salary cap hit of $4.2 million.
If the Canucks are unable to trade Ballard, there is strong belief the team will buy out his contract. Should that be the case, Vancouver will be responsible for paying Ballard $5.6 million spread evenly over the next four seasons.
Booth, 28, also has two-years left on his current deal, though his cap hit is $4.25 million. Like Ballard, if he's not dealt, he could be a candidate for a buyout.
He is owned $9.25 million, but if bought out, the Canucks will only be responsible for paying him $6.167 million, spread evenly over the next four seasons.
There is debate over Booth's health, however, as he had season-ending ankle surgery in March and might not be fully recovered by the time the buyout period expires on July 4 at 5pm ET.
The Canucks are right up against the $64.3 million salary cap for the 2013-14 campaign.
Gillis is hoping to trade Luongo, as it would prevent him from having to use one of his two compliance buyouts on the veteran netminder.