Vanek, 30, recently rejected a seven-year, $50 million contract pitched by the Islanders, and will test the free agent market July 1.
The Islanders' preference was to move Vanek by today and save the organization from paying his salary during the Olympic break.
The Los Angeles Kings are among the teams interested in Vanek, and had in-depth trade negotiations this week. The St. Louis Blues, Vancouver Canucks, New Jersey Devils and Pittsburgh Penguins are among the teams also interested in Vanek.
The Olympic break ends Feb. 24, upon which teams can resume roster moves, including trades and waivers.