The 56-year-old executive, who was hired by the team ahead of the 2014-15 season, was heading into the final year of his current contract, according to Friedman.
Benning joined the club during a transition period and made his mark after shipping out veteran pieces Ryan Kesler and Kevin Bieksa to the Anaheim Ducks. Benning has added talented young pieces through the draft including Brock Boeser, Elias Pettersson, and Quinn Hughes.
Benning and his staff had an active offseason, signing free-agent defensemen Tyler Myers, Jordie Benn, and Oscar Fantenberg, as well as forward Micheal Ferland. He also acquired forward J.T. Miller in a trade with the Tampa Bay Lightning at the NHL draft in June.
The Canucks made the playoffs in Benning's first season but failed to do so in any of the following four campaigns.