Calgary signed the five-time NHL scoring champion to a one-year contract in October.
Jagr, 45, has tallied one goal and six assists in 22 games this season.
The Czech Republic native is second on the all-time points list with 1,921, trailing only Wayne Gretzky at 2,857.
Jagr was placed on the injury list earlier this season when he sustained a lower-body injury against the Minnesota Wild.
The Flames also announced that forward Ryan Lomberg, 23, has been recalled from the Stockton Heat of the American Hockey League.
The Richmond Hill, Ont., native has four goals and seven assists with Stockton this season.
Calgary sits third in the Pacific Division as of Sunday with a record 24-16-4.