Lazar was a restricted free agent. The 22-year-old was acquired from the Ottawa Senators at the trade deadline. He only suited up for four games with the Flames this past season, plus one post-season contest, registering one goal and two assists.
The former Edmonton Oil Kings star was selected 17th overall by the Senators in 2013 and has totalled 39 points in 180 career regular-season NHL games.
Lazar was one of three important restricted free agent forwards the Flames had to sign this off-season. The team inked Micheal Ferland to a two-year, $3.5-million contract Thursday and Flames general manager Brad Treliving still needs to re-sign 2014 fourth-overall pick Sam Bennett.