Iginla was almost dealt to the Boston Bruins, but chose the Penguins over the Bs.
Flames GM Jay Feaster will now focus on some of the other players he could possibly deal before the April 3 trade deadline.
Defensemen Jay Bouwmeester, Cory Sarich and Anton Babchuk, and forwards Alex Tanguay, Curtis Glencross, Lee Stempniak and Blake Comeau have all attracted the interest of several teams from around the NHL.
However, only Stempniak and Comeau are without no-trade/no-movement clauses, and the rest would need to give their stamp of approval before the Flames can finalize any trade.
Bouwmeester, Glencross and Tanguay could command the most from other teams, as they are each signed beyond this season.
The Detroit Red Wings, Philadelphia Flyers, Boston Bruins and Carolina Hurricanes have all inquired about Bouwmeester, while the Los Angeles Kings are reportedly interested in Tanguay.
Bouwmeester, 29, has already spoken with the Flames about the possibility of a trade, and he appears to be receptive to the idea, providing he's dealt to a contender.
Babchuk and Sarich are also open to a trade. In fact, the Flames have been trying to deal Babchuk for some time. It's unclear if Glencross and Tanguay are willing to accept a deal out of town.
Meanwhile, goalie Miikka Kiprusoff could also be on the move. While he has indicated that might not report to a new team, if dealt, two separate sources close to the veteran netminder have told TFP that he would be open to a move to a Stanley Cup contender.
Kiprusoff does not own a no-trade or no-movement clause, but cited personal/family reasons as to why he might not report to a different club.