Forward Matt Nieto signed a one-year contract with the Colorado Avalanche on Tuesday. Financial terms were not released but he will make $1 million in 2017-18, according to Sportsnet.

Tweet from @FriedgeHNIC: COL and Matt Nieto avoid arbitration at $1M

Nieto, 24, was a restricted free agent and was scheduled to have an arbitration hearing in Toronto on July 31.

He had 13 points (seven goals, six assists) in 59 games with the Avalanche and San Jose Sharks last season. The Avalanche claimed Nieto off waivers from the Sharks on Jan. 5, and he had 11 points (seven goals, four assists) in 43 games.

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"Matt brought speed and offensive depth to our team in the second half of last season," Avalanche general manager Joe Sakic said. "He brings energy to our lineup, and we look forward to having him under contract for 2017-18."

Nieto was selected by the Sharks in the second round (No. 47) of the 2011 NHL Draft, and in four NHL seasons with the Avalanche and Sharks, he has 81 points (35 goals, 46 assists) in 264 games.