"Maxime is a veteran forward who has won a Stanley Cup and has a lot of NHL experience," said Avalanche EVP of Hockey Operations Joe Sakic. "We're looking forward to him bringing that experience to our club."
A native of Lemoyne, Quebec, Talbot has recorded 77 goals and 77 assists for 154 points in 515 career games with the Pittsburgh Penguins, where he won a Stanley Cup in 2009, and Philadelphia.
Downie, 26, picked up one goal and six assists for seven points, along with 36 penalty minutes, in 11 games with the Avalanche this season.
In 285 career NHL regular-season games with the Flyers, Tampa Bay Lightning and Avalanche, Downie has accumulated 56 goals and 89 assists for 145 points, as well as 696 penalty minutes.
The native of Newmarket, Ontario, was originally drafted 29th overall by the Flyers in the 2005 NHL Entry Draft.