Virtanen was a restricted free agent with an arbitration hearing set for Oct. 28.
The 24-year-old is coming off his best season after recording career highs in goals (18) and points (36) over 69 games in 2019-20. He added two goals and three points in 16 playoff contests.
Virtanen also led the Canucks with six regular-season game-winning goals, and he ranked fourth on the club with 102 hits.
The gritty winger ranked third on the Canucks with 37 takeaways. He also drove offense at an impressive rate, according to HockeyViz's isolated impact at five-on-five.
Virtanen was the Canucks' final restricted free agent. The club is currently $1.5 million above the salary cap with a full roster of 23, according to CapFriendly.