Colaiacovo, 30, joined the Blues during the 2008-09 season following a trade from the Toronto Maple Leafs.
The Toronto native played three more seasons in St. Louis before joining the Detroit Red Wings last season as a free agent.
Colaiacovo had his contract bought out by the Red Wings in July.
In 376 career NHL regular-season games with the Maple Leafs, Blues and Red Wings, Colaiacovo has accumulated 30 goals and 110 assists for 140 points, along with 193 penalty minutes.
He was originally drafted 17th overall by the Leafs in the 2001 NHL Entry Draft.