The club scheduled a news conference for Friday at the Pepsi Center.
Foote has appeared in more regular-season and playoff games than any other defenseman in franchise history and was a member of Colorado's two Stanley Cup champions.
Foote's 17th season with the Avalanche has been marred by injuries. The captain has been sidelined by a leg injury since March 16. He also missed time this season with a concussion.
He possibly could play this weekend, when the team wraps up it season with games against Dallas on Friday night and Edmonton on Sunday.