Among goaltenders who made three appearances last week, Varlamov led the league with a .964 save percentage and was second with a 1.34 goals-against average.
The Samara, Russia, native started a season-high nine straight outings from Feb. 7-22 and is 4-1-0 with a 1.41 goals-against average and .958 save percentage over his last five starts.
This is Varlamov's seventh time as a member of the Avalanche that he has been named to the NHL's weekly stars. It is his first since he was named the first start for the week of Jan. 18-24 during the 2015-16 campaign.
He is the third Colorado player to be honored in the league's accolades as Gabriel Landeskog earned first star honors for the week of Oct. 15-21 and Mikko Rantanen was the third star for the week of Oct. 22-28.
Florida Panthers forward Aleksander Barkov was named the league's second star of the week, while Columbus Blue Jackets goaltender Sergei Bobrovsky earned third star honors.