The report was confirmed by the Daily News' Pat Leonard late on Friday.
O'Reilly, who led the Avalanche with 37 assists and 55 points a year ago, has been unable to reach an agreement with Avs' management on a new contract.
According to Leonard, O'Reilly "appears more likely to leave Colorado via trade or offer sheet than to re-sign with the Western Conference club. O’Reilly’s financial demands are steep coming off his entry-level deal, but he is fielding his options."
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