Malgin signed a five-year contract with the ZSC Lions of Switzerland's National League on Tuesday.
Malgin will not be qualified by the Avalanche, so he'll become a free agent Saturday, Peter Baugh of The Athletic reports.
Malgin (undisclosed) will not play Friday against the Predators, per the NHL's media site.
Malgin scored a pair of goals in Saturday's 4-3 win over the Kings.
Malgin failed to generate a shot over 8:47 of ice time in Sunday's 4-3 shootout win over the Coyotes.
Malgin had three shots on goal, three hits and two blocked shots over 15:33 of ice time in Wednesday's 5-2 loss to Pittsburgh.
Malgin had an assist and two shots on net over 14:36 of ice time in Saturday's 5-1 win over Detroit.
Malgin scored a goal on two shots and delivered one hit over 9:19 of ice time in Saturday's 3-2 overtime win over the Coyotes.
Malgin scored a goal in Sunday's 3-2 overtime loss to the Kraken.
Malgin had two shots on goal, one hit and two blocked shots over 14:37 of ice time in Saturday's 7-3 loss to Dallas.