While the situation could be concerning for the Canucks, they still hold his rights even if he refuses to sign. They did say their plan was to ink Pettersson. They didn't, on the other hand, say he was unavailable.
There has yet to be indications that the superstar Swede doesn't to be in Vancouver. However, he has yet to indicate that he's willing to commit. There is obviously no world in which the Canucks would be winners in trading away their number 40, at the stage where they're at, in a cup contending window. They can't afford not to get a deal done with Pettersson.