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Peter Budaj reportedly reached terms Monday with Colorado. ((David Zalubowski/Associated Press))

Colorado Avalanche goaltender Peter Budaj reportedly reached contract terms Monday on a one-year, $1.25-million US contract.

Budaj, 26, received a significant raise over last season, when he earned $800,000 US.

According to the Denver Post, backup netminder Andrew Raycroft will not be re-signed.

Budaj posted a 20-29-5 record with a 2.86 goals-against average and two shutuouts in 56 games last season, his fourth in the NHL.

The Slovakian veteran is 81-65-21 with a 2.75 GAA and seven shutouts in 182 games since he was selected in the second round (63rd overall) by Colorado in the 2001 NHL draft.

With Raycroft no longer in the picture, the Avalanche will try to sign Swedish goaltender Jonas Gustavsson, 24, or pursue a proven NHL puck stopper when free agency begins Wednesday.

Among the potential free agents available is: Craig Anderson; Martin Biron; Ty Conklin; Scott Clemmensen; and Nikolai Khabibulin.

With files from The Associated Press