Chabot has missed the past eight games after sustaining an upper-body injury Dec. 28 but skated on the top defense pair with Dylan DeMelo at practice on Monday.
Center Matt Duchene, who missed three games because the birth of his child, is also expected to play against Colorado.
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"It looks like Chabot's going to be ready to go, so that's good," Senators coach Guy Boucher said Tuesday. "It's like your No. 1 goalie, No. 1 defense, No. 1 center, you're definitely a better team."
The Senators have gone 2-5-1 without Chabot, who was second among NHL defensemen in scoring at the time of the injury and has 37 points (10 goals, 27 assists) in 37 games, and leads the Senators in ice time per game (24:16).
"For Chabot, he hasn't played for a long time, so let's give him time to build it up," Boucher said. "But yes, over the next games and … little while, obviously, it changes so much for us. It changes our transition, changes our breakout, changes our offensive zone, changes the power play and gives us a lot more possibilities to have offense for sure.
"A guy like that, that plays 25-30 minutes with his abilities with the puck, makes you a different team for sure with the puck. … [he's] going to eventually get his timing back and I'm sure he'll do well defensively too. But I think right now you have to understand he's been out a for little while so his timing might be off in the first period, but probably slowly, as the game goes on [he] gets his timing back and starts to look like himself."
The 21-year-old was named to the 2019 Honda NHL All-Star Game, which will take place at SAP Center in San Jose on Jan. 26th (8 p.m. ET, NBC, CBC, SN, TVAS).
"I think for now I feel good and like I said I think we are going to look to adding some contact tomorrow but as of now I am feeling good," Chabot told the Senators website after practice Monday. "Whenever you get to watch the guys play, you always want to be out there so it's been a long few weeks and obviously I am excited to get back out there."
Said Boucher, "You get what you get with a guy who's going to be in the All-Star Game because he's so good with the puck, because he's so fast, because he's evasive, because he can get out of trouble. He brings that element where you can transition, have the puck more often, you're attacking more often, you're less in your zone because you've got the puck and that's what a guy like Chabot does. He's going to be a top-end guy."
Boucher also said goalie Craig Anderson, who has missed the past eight games with a concussion, could return this weekend. Anderson is 14-13-3 with a 3.58 goals-against average and .905 save percentage.
Ottawa (17-24-5) is in 15th place in the Eastern Conference.
