The association between hydrophobically modified polyethylene glycol, HM-PEG, and non-ionic vesicles of tetraethylene glycol monododecyl ether, C 12 E 4 , was investigated. HM-PEG is in a triblock form, with an alkyl chain attached to each hydrophilic polymer-end. Such polymer structure is denoted as telechelic. The vesicle average radius was measured by self-diffusion measurements. The system exhibits both a monophasic gel and biphasic regions. The monophasic region was characterized from a rheological point of view. We argue that the gel formation is due to the presence of polymer crosslinks between different surfactant aggregates, once the polymer's hydrophobic moieties may adsorb into the vesicle bilayer. This association is strongly concentration dependent which is reflected in the monotonic increase of the storage modulus, relaxation time and shear viscosity with the addition of surfactant and/or polymer.