The deal reportedly carries an average annual value of $2 million, according to The Athletic's Ryan S. Clark.
"We are excited to have Pavel under contract for another two seasons," said general manager Joe Sakic. "He has been an important part of our team this year and has performed really well, especially when we needed it most. He is a hard-working professional, a great teammate and has earned his opportunity in the NHL."
The 29-year-old wasn't drafted, and he spent time in the KHL before heading overseas to play with the Avalanche in 2018. He's primarily been used this season as the team's backup goaltender, appearing in 24 games and posting a 14-5-3 record. He owns a .923 save percentage and 2.44 goals-against average in 2019-20.