The newspaper said talks had accelerated after the Swiss bank struck a deal last week over a U.S. tax dispute that has scared clients and has ignited massive outflows at UBS wealth and asset management divisions.
McCann, who headed the wealth management business at Merrill Lynch until early this year, has not reached a final agreement with UBS, but a deal could be struck soon, the Financial Times said.
If hired, McCann would replace Marten Hoekstra, head of UBS' wealth management business in the Americas.
A UBS spokeswoman declined to comment.
UBS reorganized its wealth management business by separating its Swiss banking business from its international franchise, according to an internal memo obtained by Reuters.
Under the new structure, which was announced internally on Tuesday, Franco Morra will head the new UBS Switzerland while Juerg Zeltner will lead the international wealth management business.
(Reporting by Juan Lagorio; Editing by Steve Orlofsky, Leslie Gevirtz)