Managing director Kevin Lygo admitted the discussions have reached "quite far down the line" and believes the daily drama serial could be "transformational" for ITV's in-house production company.
"We want to take our expertise in long-running dramas, with huge casts and many writers, and export that technique and experience," Lygo told Broadcast.
"Coronation Street is a big success in Canada, so we're leveraging that reputation to make an equivalent that's domestic to Canada, Australia or anywhere we can get going."
Lygo added: "Emmerdale and Corrie are two of the most successful dramas in the UK and they're on nearly every day of the year. We need to do something of that scale internationally to transform.
"It's hard to start [a soap opera], but if we can get it right, it is transformational because of its volume. A three- or six-part drama is fine, but then it stops and has little impact on your bottom line."
ITV's chief executive Adam Crozier previously emphasised drama as the driving force behind a recovery for the company.
CBC, the Canadian public broadcaster thought to be airing the soap, recently extended its multi-year deal with Corrie.