It seemed like there was a decent amount of chatter in the media about possible expansion to Europe 15 to 20 years ago. I also remember suggestions that the "European champion" (not sure how that would be determined) might eventually be given a playoff spot and compete for the Stanley Cup.
I think the idea was entertained throughout the mid-1990s, possibly kicked-started (or actually revived from the 1970s) by the
Global Hockey League in 1990. Their founders Michael Gobuty and Dennis Murphy, both with an WHA background, had planned to set up franchises in England, France, Germany and Czechoslovakia in addition to the 10 North American franchises they were targeting, but the league folded before getting started. Then, in the mid-1990s, the IIHF replaced the traditional European Cup with the "European Hockey League" in an attempt to create a more regular international competition for the top clubs in Europe and with the expressed vision that it should develop into a regular international league like the NHL was. There was the more or less vague sense that the NHL would get involved somehow and enhance the whole thing with, well, who knows with what? Its name and brand? Marketing and organization expertise? Player loans? I'm not quite sure, but I'm pretty confident there were some talks between the NHL and the IIHF about it during those years. I will have to look up some old newspaper sources I have somewhere. What I do remember is that the IIHF dreamed of an annual match between the European club champion and an NHL representative (preferably the Stanley Cup holder) along the lines of the
Intercontinental Cup in soccer (an annual game between the European and the South American club champion). Allegedly the IIHF and the NHL discussed this topic at the 1998 Olympics in Nagano. It finally became reality in 2008 with the
Victoria Cup (kind of: the NHL didn't send the Cup holders) but it didn't last beyond two editions.