Talbot is expected to be in Dallas when the Avs face the Stars on Friday night. The move is somewhat of a surprise, with Colorado off to a 10-1 start and leading its division.
The 29-year-old Talbot had a goal and an assist for the Flyers this season. He's also played for Pittsburgh, helping the Penguins to the 2009 Stanley Cup title.
Colorado likes Talbot's leadership, with Joe Sakic, the executive vice president of hockey operations, saying, "we look forward to him bringing that experience to our club."
Downie had a goal and six assists for Colorado this season. He missed most of last year with a knee injury.