O'Reilly's agent told TFP there's "nothing new" to report, as of early Sunday afternoon.
The 21-year-old, who is believed to be looking for a deal worth between $3 million and $4 million per season, collected 18 goals and 37 assists for 55 points in 81 games with the Avalanche last season.
Drafted by the Avs in the second-round, 33rd overall, of the 2009 NHL Entry Draft, O'Reilly is currently playing for Metallurg Magnitogorsk of the KHL.
In 10 games with Magnitogorsk, O'Reilly has tallied five goals and five assists.
O'Reilly signed a two-year deal with the club on Dec. 7, but has an opt-out clause should he reach a new deal with the Avalanche or another NHL team.
His entry-level contract expired this summer. He was earning $900,000 a year.