Toronto is sending a second-round pick in the 2012 draft to the Avalanche in the deal completed Friday. That selection had been acquired by the Maple Leafs in the trade that sent defenseman Tomas Kaberle to the Boston Bruins in February.
The 30-year-old Liles, set to make $4.55 million in the 2011-12 season, can become an unrestricted free agent next summer. He had six goals and a career-high 40 assists in 76 games with Colorado last season.
Liles, who has played his entire seven-year NHL career with the Avalanche, has led the club in scoring by a defenseman five consecutive seasons. In 36 playoff games during that span, he has four goals and seven assists.