O'Reilly and Magnitogorsk mutually terminated their contract, and O'Reilly will receive medical attention in North America.
KHL clubs cannot add new players to their rosters after Jan. 31, and O'Reilly will not be healed by then. Guy also confirmed that O'Reilly will not return to Russia.
Guy also reiterated that a deal with the Avs is still not close and there is no link to him leaving Russia to sign a contract with Colorado.
"Nothing has changed," he said.
O'Reilly, who posted 18 goals and 37 assists for 55 points in 81 games last year, remains one of the top unsigned restricted free agents this season.