Vargas has been sidelined with a strained right calf since June 24 (retroactive to June 20) and has made just nine starts for the team.
It was previously reported that Mets manager Mickey Callaway was unsure if Vargas return to the Mets rotation once he was healthy. Callaway was leaving the option open to start right-hander Corey Oswalt instead.
Vargas allowed two runs in 12 innings with 19 strikeouts in two rehab starts for the Brooklyn Cyclones.
After signing a two-year, $16 million deal with the Mets in February, Vargas broke the hamate bone in his right, non-throwing hand during Spring Training.
The 35-year old was activated on April 28 and has gone 2-6 with an 8.60 ERA in 37.2 innings of work. His 45 ERA+ and 1.83 WHIP are surely not what the Mets had in mind when they brought the crafty veteran onboard