The 30-year-old Calgary native has appeared in 136 career NHL games with Phoenix, Edmonton and Minnesota, recording 20 goals, 41 points and a plus-1 rating.
Through 34 games with Abbotsford this year, Kolanos leads the club with 40 points (18G, 22A) and was chosen to participate in the AHL All-Star game this past weekend.
"Krys has been one of our best players in Abbotsford and has done everything we've asked of him to earn this opportunity," said Flames general manager Jay Feaster. "He has worked hard on being a responsible two-way player and we look forward to him contributing to our success at both ends of the ice."
A Boston College product who scored the game-winning overtime goal in the 2001 NCAA championship contest, Kolanos last played in the NHL in 2009 for the Wild, appearing in 21 games with three goals and three assists.