The six-foot-five, 234-pound Victoria native has one goal, three assists and 54 penalty minutes in 34 games with the Avalanche this season.
He led the Avalanche in blocked shots last season with 141.
He has four goals, 33 assists and 363 penalty minutes in 300 career NHL games with Montreal and Colorado.
He was drafted in the third round, 79th overall, by Montreal in the 2003 NHL draft.
Byrne will become an unrestricted free agent at the end of the season.