The 25-year-old forward, who was a restricted free agent, scored 27 points (13 goals, 14 assists) in 65 games with the Avalanche last season and three points (two goals, one assist) in 15 Stanley Cup Playoff games.
"Valeri played important minutes for us this season and had one of the best years of his career," Avalanche general manager Joe Sakic said. "He is a big (6-foot-4, 210 pounds), young winger who provides depth scoring, can play up and down our lineup and is reliable defensively. We're happy to have him back for another two seasons."
Selected by the Dallas Stars in the first round (No. 10) of the 2013 NHL Draft, Nichushkin has scored 101 points (36 goals, 65 assists) in 288 regular-season games.
Nichushkin, who returned to the NHL in 2018-19 after spending two seasons in the Kontinental Hockey League, has six points (three goals, three assists) in 32 playoff games.
