The 45-year-old future Hall of Famer signed a one-year, $1 million contract with the Flames in early October.
He failed to make much of an impact in his 24th NHL season, however, tallying one goal and six assists in 22 appearances. He hasn't played since the team's victory over the Chicago Blackhawks on New Year's Eve because of an undisclosed injury.
In April, Jagr told Pierre LeBrun of ESPN.com he wasn't kidding when suggesting he wanted to play professional hockey until he was 50.
"I wasn't joking. I was serious," he said. "I'm not joking. If God gives me the health, I will."
Before he signed with the Flames, the Czech Republic native said he considered signing himself as the owner of HC Kladno.
"The most serious negotiations I have are with Kladno. Because Kladno has a smart owner who knows what he wants," he joked to Michael Langr of NHL.com in August.
That once again figures to serve as his backup plan assuming he clears NHL waivers and begins to explore options in Europe.