O'Reilly, 23, could become a restricted free agent on July 1. A finalist for the Lady Byng Trophy, he led the Avalanche with 28 goals and finished third on the team with 64 points. O'Reilly had two penalty minutes in 80 games this season.
O'Reilly signed a two-year, $10 million offer sheet with the Calgary Flames in Feb. 2013, which the Avalanche matched. He had six points (two goals, four assists) in seven Stanley Cup Playoff games this spring. Colorado lost to the Minnesota Wild in the Western Conference First Round.
In 345 games, O'Reilly (6 feet, 200 pounds) has 73 goals and 118 assists.