- Katie Strang, ESPN.com
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Parenteau, 29, is coming off a career-high 67-point season for the Islanders and was seeking a significant raise from the $1.25 million he earned last season with New York.
He recorded 18 goals and 49 assists in 80 games with the Islanders in 2011-12 and totaled just two points less than highly coveted Devils free agent Zach Parise.
He played for the New York Rangers during the 2009-10 season before signing as a free agent with the Islanders in July 2010. He has 41 goals and 129 points in four NHL seasons with three teams.
Avs general manager Greg Sherman says Parenteau "is a skilled winger who will instantly improve our offense."
Information from ESPN.com's Pierre LeBrun and The Associated Press contributed to this report.
The Colorado Avalanche have signed free agent forward P.A. Parenteau to a four-year deal which sources say is worth $16 million.