The team announced the news via their official Twitter account.
Canadiens acquire Pierre-Alexandre Parenteau and a 5th round pick in 2015 from Colorado, for Daniel Brière.->> http://t.co/XlfOdfp9LQ
- Canadiens Montréal (@CanadiensMTL) June 30, 2014
Briere, who had 13 goals and 25 points in 69 games for the Habs this season, has one year remaining on a two-year, $8 million contract. Parenteau, who finished with 14 goals and 33 points in 55 games for Colorado, has two years left on a four-year deal that also pays him $4 million annually.
The 36-year-old Briere, who has amassed 299 goals and 684 points in 914 NHL games, experienced a diminished role and declining production this season with Montreal. He appeared to fall out of favor with Habs coach Michel Therrien and was relegated to the fourth line during the 2014 NHL playoffs.
Briere is still regarded as an experienced NHL player with ample leadership qualities inside the locker room, however. That was part of what intrigued the Avalanche and coach Patrick Roy about bringing Briere into the fold, a source told ESPN.com.
Adding Briere may also provide the Avs with more depth down the middle in the event that pending unrestricted free agent Paul Stastny signs elsewhere once free agency begins Tuesday at noon.
Meanwhile, Parenteau, who hails from Hull, Quebec, will provide the Habs with some scoring depth on the wing, which will become even more essential with the expected departure of pending unrestricted free agent Thomas Vanek, who will not be returning to Montreal.
A source told ESPN.com that the deal to swap Briere and Parenteau transpired quickly, with the former asked to waive his no-move clause Monday morning.
The Habs did not have the same luck with veteran defenseman Josh Gorges, who has emerged as a surprising name in recent trade talks.
Montreal had a deal in place that would send the longtime Hab to the Toronto Maple Leafs, but the 29-year-old blocked the trade, as Toronto was not on his list of 15 teams to which he would approve a deal in his modified no-trade clause.
Gorges is not pleased with the turn of events -- telling one reporter he was "deeply disturbed" by the situation -- and it is expected that he will be moved to an approved team within the next day or so.
Gorges, a well-liked and respected player within the Habs dressing room and around the league, spent eight seasons with Montreal and was tied for fifth in the league with 177 blocked shots in 2013-14.
Though many were taken aback by the Habs' intentions to move such a popular player -- Gorges himself seemed surprised by the news -- it is possible the club is trying to clear some salary cap space by moving Gorges, especially considering they have yet to re-sign Gorges' defensive partner P.K. Subban.