DENVER -- The Avalanche and Peter Forsberg have agreed on a deal to bring the NHL's 2003 MVP back to Colorado through the end of the season.

Forsberg will earn about $1.1 million prorated from a one-year, $5 million deal, since there are about six weeks left in the regular season.

Forsberg won two Stanley Cups in his nine seasons with the Avalanche and won the Hart Trophy in 2003 after scoring 29 goals and adding 77 assists.

But foot and ankle injuries have plagued him in recent years.

Until Monday's announcement, it appeared Forsberg wouldn't return to an NHL team this season. His agent, Don Baizley, informed teams last week that Forsberg didn't have enough confidence in the strength of his surgically repaired right foot to play.

The Avalanche were one of a handful of teams vying for Forsberg's services. Philadelphia, Minnesota, Chicago and Ottawa were also believed to be in the hunt.

Forsberg spent 1 1/2 seasons with the Flyers, scoring 115 points in 100 games, before being dealt to Nashville at the trade deadline last season.

"We're proud to announce to our fans that Peter Forsberg has decided to come back and play with our franchise where he's enjoyed so much success early in his career," Avalanche general manager Francois Giguere said.

"His addition should complement our roster and will bring our team to an even higher competitive level," he said.

Avalanche fans of all ages celebrated the news Monday. 7NEWS caught up with young hockey players practicing at the South Suburban Ice Arena in Littleton.

"I was like, 'Yes! We've got Forsberg back.' I was so happy he was coming back," said Joe Elvig, 13.

Forsberg said he has worked "extremely hard" to arrange his return to Colorado.

"I am looking forward to putting this jersey on again," he said. "I have so many great memories of my playing days in Denver. I'm excited about helping my new teammates and former teammates in the coming weeks, and hopefully I am able to do that in the very near future."

Forsberg has been rehabilitating in Sweden and practicing with his hometown club, Modo.

He is fourth on Colorado's career scoring list with 741 points in 580 career games.

Forsberg also helped lead Sweden to Olympic gold medals in Lillehammer in 1994 and Turin in 2006.

So what do you think? Peter Forsberg at age 34 and possibly not 100 percent healthy. Is this going to save the season for the Avs? E-mail our sports team to tell them what you think.