Turgeon, 37, underwent offseason shoulder surgery and has been on IR since Oct. 3. The Quebec native scored 16 goals and registered 30 assists in 62 games last season, his first with the Avalanche.
A four-time All-Star, Turgeon has 511 goals and 809 assists in 18 seasons with Colorado, Dallas, St. Louis, Montreal, Buffalo and the New York Islanders. He ranks 31st on the NHL's all-time list in goals and is 27th all-time in points (1,320).
The return of Turgeon should boost a Colorado (12-13-2) club that has lost three of its last four games and is mired in last place in the Northwest Division. The team did not indicate whether Turgeon would be available for Thursday's game against the San Jose Sharks.
To make room for Turgeon on the active roster, the Avalanche assigned center Cody McCormick to AHL Albany. The 23-year-old McCormick registered one assist in six games with Colorado this season.