The Vancouver Canucks have completed a trade with another Western Canadian rival, sending a conditional 2017 fifth-round pick to the Edmonton Oilers for the rights of defenseman Philip Larsen.

Larsen, a former fifth-round selection with 125 games of NHL tread, has spent the last two seasons in the KHL after a 30-game stint (in which he netted 12 points) with Edmonton in 2013-14.

TSN's Bob McKenzie is reporting that the fifth-round pick could be elevated to a fourth-round selection should Larsen hit production thresholds.

The Oilers, who acquired Larsen in the Shawn Horcoff trade, extended the slight defenseman a qualifying offer before he bolted to Russia, thus retaining his rights.

The fifth-round pick used to land Larsen is the second 2017 draft selection that the rebuilding Canucks have parted with.

McKenzie also notes that Vancouver intends to sign Larsen before July 1, and have him join the team for next season.

Vancouver acquired Markus Granlund from the Calgary Flames on Monday in exchange for top prospect Hunter Shinkaruk.

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The Vancouver Canucks are ready and willing trade partners ahead of the NHL's Feb. 29 deadline.

The team has let it be known that Linden Vey, Matt Bartkowski, Ronalds Kenins, Adam Cracknell, Chris Higgins, Brandon Prust, and Yannick Weber are all available, Bob McKenzie of TSN reports.

Missing from the list are more prominent and attractive trade targets like Radim Vrbata and Dan Hamhuis, both of whom are set to become unrestricted free agents.

The Canucks sit well outside the Western Conference playoff picture with only two games remaining before the trade deadline, and appear to have resigned themselves to the role of sellers.

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