A Vancouver native who was the Lions' first selection (sixth overall) in the 2003 CFL draft, Jackson played 185 regular-season games with B.C., catching 420 passes for 5,757 yards and 31 touchdowns.
Meanwhile, the club also announced it has re-signed defensive back Dante Marsh.
Jackson recorded back-to-back 1,000-yard campaigns with the Lions in 2008 and 2009, but saw his role within B.C.'s offence diminish drastically.
The 33-year-old was used primarily on special teams the last three seasons and caught just 10 passes for 97 yards in 18 games in 2013.
The 34-year-old Marsh has played 10 seasons with the Lions. The Oakland, Calif., native had 73 tackles and three interceptions in 2013.
Marsh is the club's all-time leader in total tackles with 579 over 169 regular-season games.