The 36-year-old Kiprusoff, who began his career with the San Jose Sharks, joined the Flames in 2003 and spent nine seasons with Calgary.
Kiprusoff says he made the decision to retire at the end of last season, but wanted to think about it over the summer before making an official announcement on Monday.
The native of Turku, Finland holds Flames records for wins, games played and shutouts.
Kiprusoff made his NHL debut with San Jose in March 2001 after a two-season stint with Kentucky of the AHL. Kiprusoff spent parts of three seasons with San Jose before being traded to Calgary on Nov. 16, 2003, for a second-round draft pick.
Source: Associated Press