Hejduk, 38, played 14 seasons in the NHL, all with the Avalanche. The three-time Olympian and native of the Czech Republic scored 375 goals in 1,020 games and won a Stanley Cup in 2001.
In a statement, Avalanche Executive Vice-President Joe Sakic said Hejduk's "release along with his hockey sense and vision made him one of the premier goal scorers in the NHL during his prime."
Hejduk didn't play this season after a trying 2012-13 in which he missed time with shoulder and torso injuries and scored a career-low 11 points in just 29 games.
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