It appears it's Olympics or bust to see best-on-best hockey between national teams in February.

TSN Hockey Insider Pierre LeBrun said Thursday on Insider Trading the NHL will not be holding an event in place of the Olympics, should the league and players association elect not to attend the Beijing Games.

"If we’re talking World Cup, it’s not going to happen," LeBrun said bluntly. "I had an NHL team executive ask this week if there’s no Olympic participation, why not have the NHL and NHLPA host a World Cup in February during that three-week break?"

"I checked with the league and the NHLPA and it’s not going to happen. It takes 12 to 18 months of planning to put together that type of event and there’s obviously not enough time to do that."

The NHL last held the World Cup of Hockey tournament in 2016, with Canada defeating Team Europe 2-0 in a best-of-three series to claim the title. The format, which featured an under-23 Team North America in addition to Team Europe, was the last time many of the NHL's stars represented their countries as the league elected not send players to 2018 Olympics in PyeongChang.

No decision has been made yet regarding attending the Beijing Games, though LeBrun reported any further postponements to the NHL schedule could force the league's hand.

"We’re at a tipping point when it comes to the Olympic decision," LeBrun said. "If the NHL has one or two more full team outbreaks that produces a team shutdown, like the Calgary Flames right now, I think the Olympics might be out of the question.

"It’s one of the reasons why the NHL Players’ Association are on the same page as the NHL when it comes to handling the situation right now [regarding] this COVID wave and enhanced protocols. They’re hoping to navigate these turbulent waters within these next couple of weeks, and not pause the season. Once you pause the season, then there’s no chance [of] the NHL players going to the Olympics.

"Remember, in the agreement with the NHLPA it states that if there’s any material impact to the NHL season then the NHL can say they’re opting out of the Olympics."

The league has until Jan. 10 to decide on whether to attend the Games.