The way Gretzky tells it in his book (which, after all, might not be exactly accurate), he was "interested... in playing for the Canucks" in 1996, but didn't approach them until the chance of playing for Toronto was off the table. He and Mike Barnett (his agent) flew to Vancouver (of their own accord) to meet then-Canucks VP Stan McCammon, and negotiate. According to Wayne, he went to bed pretty much expecting to play for the Canucks. That night, Barnett and McCammon finally reached an agreement, and Barnett told Stan McCammon to wait for Wayne to get back to him in the morning, after he'd woken up and been presented the offer. However, McCammon was (strangely) demanding that they tell Wayne that night and have it decided now. Barnett relented and went to Gretzky's hotel room to wake him up. Gretzky thought the deal sounded fine, but (quite reasonably) said he wasn't going to sign anything until he'd at least had the chance to discuss it with his wife in the morning. Barnett called McCammon back and said that they were honestly not trying to take this offer anywhere else for negotiation and were quite happy with it, but that they'd have to wait until morning to finalize it. McCammon said, that was it -- too late.
Not only did the Canucks immediately take the offer off the table, but -- apparently just to make it official -- they also sent a fax to every NHL team saying they were ceasing negotiations with Gretzky. On route to L.A., at the Seattle Airport the next day, Gretzky and Barnett got a phone call from the Rangers, asking about his services. So, he ended up finishing his career in New York.