The Sky Blues are to receive a fee for 15-year-old midfielder McCann who was called up for England Under-16 duty earlier this summer.
Coventry academy boss Rich Stevens told the Telegraph: "When a big football club come knocking, and it is the club that Charlie supports, you must let him go and have that experience.
"We did not want to sell him, we did not need a fee for him even though there was a fee involved.
"Charlie goes with complete support from me and the rest of the staff from the Academy. He has been unbelievable for us, even making his England debut back in August."