According to the Ottawa Sun, the Avs are shopping the 21-year-old forward.
O'Reilly is believed to be looking for a deal worth between $3 million and $4 million per season. He collected 18 goals and 37 assists for 55 points in 81 games with the Avalanche last season, when he made a base salary of $900,000.
Drafted by the Avs in the second-round, 33rd overall, of the 2009 NHL Entry Draft, O'Reilly spent time playing for Metallurg Magnitogorsk of the KHL before returning to North America this week to nurse an injury to his right foot.
The Sun claims Avalanche GM Greg Sherman is asking for a young forward and a second-round draft pick in exchange for O'Reilly.