The highly-rated centre half had fallen out of favour at Coleraine and had been linked with a move to a number of Premiership clubs.
But Dean Shiels, who played with Canning at the Bannsiders, has secured the services of the Limavady man on what is believed to be a season-long loan deal.
It is a massive statement by the Stangmore Park side who have revamped their squad this summer.
On Friday they announced the signings of centre back, Luke McKendry and goalkeeper, Michael Quinn.
The Swifts take on Glentoran this afternoon in their opening Danske Bank Premiership fixture.