Nichushkin, 24, returned to the NHL last season with the Dallas Stars after two years with CSKA Moscow of the KHL.
The Chelyabinsk, Russia native racked up 10 assists in 57 games with the Stars.
“Valeri is a big, young winger who adds depth to our roster and brings competition to our training camp,” Avalanche general manager Joe Sakic said in a team release. “He brings NHL experience to our team and we are excited to have him with our organization.”
Selected by the Stars with the 10th overall pick in the 2013 draft, Nichushkin played three seasons in Dallas before returning to Russia in 2016.