Quasi‐elastic light scattering spectroscopy intensity–intensity autocorrelation functions [S(k,t)] and static light scattering intensities of 1 MDa hydroxypropylcellulose in aqueous solutions were measured. With increasing polymer concentration, over a narrow concentration range, S(k,t) gained a slow relaxation. The transition concentration for the appearance of the slow mode (ct) was also the transition concentration for the solution‐like/melt‐like rheological transition (c+) at which the solution shear viscosity [ηp(c)] passed over from a stretched exponential to a power‐law concentration dependence. To a good approximation, we found ct[η] ≈ c+[η] ≈ 4, [η] being the intrinsic viscosity. The appearance of the slow mode did not change the light scattering intensity (I): from a concentration lower than ct to a concentration greater than ct, I/c fell uniformly with increasing concentration. The slow mode thus did not arise from the formation of compact aggregates of polymer chains. If the polymer slow mode arose from long‐lived structures that were not concentration fluctuations, the structures involved much of the dissolved polymer. At 25 °C, the mean relaxation rate of the slow mode approximately matched the relaxation rate for the diffusion of 0.2‐μm‐diameter optical probes observed with the same scattering vector. © 2004 Wiley Periodicals, Inc. J Polym Sci Part B: Polym Phys 43: 323–333, 2005