Yes, EXPIRING is a Scrabble word!

Letter values in Scrabble US: E 1, X 8, P 3, I 1, R 1, I 1, N 1, G 2.

Is it a valid word?

EXPIRING is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

lose validity
pass from physical life and lose all bodily attributes and functions necessary to sustain life
expel air

Also: run out, pass away, kick the bucket, cash in one's chips, buy the farm, give-up the ghost, drop dead, pop off, snuff it, breathe out.