As of now, the Avs must consider their options for the future. They'll need to decide if they trade him, keep him around or buy out his contract.
If they decide to buy him out, it would be a financial disaster for the organization, so they likely won't explore that avenue. As for a trade, it would be surprising to see a team being interested in him. However, as we saw with Evgeny Kuznetsov with the Washington Capitals and the Carolina Hurricanes.