The Canucks were reportedly hoping to buy out Booth's contract last summer, but he was still hindered by concussion symptoms and remained on the injured list.
Booth has one-year left on his six-year, $25.5 million contract. He's owed $4.75 million next season, though his salary cap hit is $4.25 million.
Canucks GM Jim Benning is expected to make a number of roster moves this off-season, and while trades are expected, he's also hoping to free up some extra cap space to pursue free agents. Buying out Booth would give the Canucks more flexibility, as his hit would not count against the salary cap.
Depending on where the salary cap rests for next season, the Canucks will have between roughly $8 million and $11.1 million in cap space, excluding Booth's expected buy out.
In 66 games this season, Booth registered nine goals and 10 assists for 19 points.
The Canucks acquired Booth, along with Steve Reinprecht and a 2013 third-round draft-pick from the Florida Panthers on Oct. 22, 2011, in exchange for Mikael Samuelsson and Marco Sturm.