However, the paper notes O'Reilly is looking for closer to $5 million per season.
O'Reilly, 21, signed a two-year deal with Metallurg Magnitogorsk of the KHL on Dec. 7 that pays him around $4 million per season. He has an opt-out clause should he reach a new deal with the Avalanche or another NHL team.
As a result of having the security of a contract and playing at a competitive level in Russia, alongside his brother Cal, it's believed O'Reilly is willing to wait until the Avs up the dollar amounts in their proposals.
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.
His entry-level contract expired this summer. He was earning $900,000 a year.
The Avalanche drafted O'Reilly in the second-round, 33rd overall, of the 2009 NHL Entry Draft.