In 10 games with Magnitogorsk, O'Reilly has tallied five goals and five assists.
O'Reilly's agent, Mark Guy, told TFP there has been "no progress" in negotiations and that it is "unlikely" the 21-year-old will be signed in time for Colorado's first game of the season in Minnesota on Saturday.
In 81 games with the Avs last season, the native of Clinton, Ontario, registered 18 goals and 37 assists for 55 points, all career-highs.
O'Reilly signed a two-year deal with the club on Dec. 7, a contract that is paying him around $4 million this season, but it includes 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.
It's believed O'Reilly is looking to land a multi-year contract worth around $3.5 million to $4 million per season.
