In 80 games with the Avs last season, O'Reilly registered 28 goals and 36 assists for 64 points.
The native of Clinton, Ontario, has his arbitration hearing scheduled for Wednesday afternoon.
In 345 career NHL regular-season games, all with Colorado, O'Reilly has accumulated 73 goals and 118 assists for 191 points.
He was originally drafted by the Avalanche in the second-round, 33rd overall, of the 2009 NHL Entry Draft.
TFP Editor-in-Chief David Pagnotta first broke the signing via Twitter.