The Sky Blues have agreed a reported £350,000 fee with Bristol City and the winger is expected to undergo a medical and sign if terms on his contract can be agreed.
Bristol City boss Gary Johnson has told BBC Bristol: "Sometimes players need new ambitions and I personally feel this is the right time for Michael.
Edinburgh born McIndoe started with Luton Town and has played for Hereford, Yeovil, Doncaster, Derby, Barnsley, Wolves and Bristol City for whom he has made 89 appearances scoring twelve goals.