An excerpt from the Hockey News:

Russian club Avangard Omsk says it has signed Jaromir Jagr, a day after the New York Rangers parted ways with the star winger.
The term of the deal appears to be two years, plus an option for a third and based on an early press release from the team, could be worth up to $35 million.

Habster:

So much for the rumours of Edmonton or Pittsburgh trying to sign Jagr to a contract. I can’t blame him for signing with Avangard Omsk for that kind of money especially with the uncertainty of his future in the NHL.