The squad, comprising mainly NHL players, also includes Toronto Maple Leafs defenseman Tomas Kaberle and the Minnesota Wild's Martin Havlat.
The Czechs will aim to better their third place at the last Olympics and add to the gold won in Nagano by a squad led by Jagr (pictured) and Dominik Hasek.
Forward Jagr, 37, who left the NHL in 2008 to join Russian club Avangard Omsk, is the only player left from that team.
"We are going to try to please people and come back with a medal because anything else would be a failure for Czech hockey," said coach Vladimir Ruzicka after naming his 23-man preliminary squad.
The party include 16 NHL players, five who skate for Russian teams and two from the Czech league. The roster will be finalised on January 21.
Ruzicka, who left out Vaclav Prospal of the New York Rangers and Milan Hejduk of the Colorado Avalanche, named Elias as captain and Jagr and Kaberle as deputies.
Jagr, who helped the Pittsburgh Penguins win Stanley Cups in 1991 and 1992, will be expected to generate goals for a team facing tough competition at the group stage in Slovakia, Latvia and Russia.
The Olympics start on February 12.