During the NHL labour conflict, he returned to play for Modo Hockey of the Elitserien in 2004–05. Näslund announced his return in mid-January in order to meet the 31 January player-transfer deadline for European clubs, joining Canucks teammates Daniel and Henrik Sedin, as well as former Modo teammate Peter Forsberg on the squad. He was originally expected to sign with Modo before the season started in September, but he returned to Vancouver after spending the summer in Sweden. Vancouver radio-station Team 1040 cited high tax premiums explaining the decision, while Näslund later reasoned that he preferred to be readily available for the NHL, just in case the league and NHLPA could come to an agreement and the season was salvaged.