He was considering signing a professional tryout offer with the Utica Comets of the AHL, the Canucks' affiliate, upon which the Canucks would sign him to a new deal.
The Canucks released Prospal's decision via their Twitter account: "After further thought and talking with his family, Vinny Prospal has informed Canucks that he's retiring and won't be joining Utica on PTO."
In 48 games with the Blue Jackets last season, Prospal registered 12 goals and 18 assists for 30 points.
In 1,108 career NHL regular-season games with the Philadelphia Flyers, Ottawa Senators, Florida Panthers, Tampa Bay Lightning, Anaheim Ducks, New York Rangers and Blue Jackets, Prospal has accumulated 225 goals and 510 assists for 765 points.
Prospal was originally drafted by the Flyers in the third-round (71st overall) of the 1993 NHL Entry Draft.