The native of Guelph, Ontario, has accumulated 102 goals and 86 assists for 188 points in 446 career NHL regular season games with Colorado and the Flames.
He was originally selected by the Avalanche in the ninth round (288th overall) of the 2003 NHL Entry Draft.
Backstrom, 38, went 194-142-50 with a 2.48 goals-against average (GAA), a .915 save percentage (SV%) and 28 shutouts in 409 career games with Minnesota and is the franchise's all-time leader in wins, shutouts and games played.
He appeared in the 2009 NHL All-Star Game, was a finalist for the 2009 Vezina Trophy and teamed with Manny Fernandez to win the 2006-07 William Jennings Trophy as the Wild allowed a league-low 191 goals.
Backstrom was originally signed by Minnesota as a free agent on June 1, 2006.