The contract extension is worth $3 million, a source told ESPN.com's Pierre LeBrun.
The Avalanche made the announcement Thursday about Hejduk, who is entering his 11th season in the NHL. He has spent his entire career with the Avalanche. The team didn't release terms of the contract.
The 33-year-old Hejduk led Colorado with 27 goals last season, marking the second straight year and fifth time in his career that he has led the team. He also shared the team scoring lead with 59 points and was selected to his third NHL All-Star game.
Pierre LeBrun covers the NHL for ESPN.com. Information from The Associated Press was used in this report.