Streit's contract is set to expire and he turned down the Islanders best offer. Streit will be a UFA on July 5.
Streit, 35, is finishing up a five-year deal with the Islanders that paid him $20.5 million and had a cap hit of $4.1 million.
This past season, Streit played in all 48 regular season games, had six goals, 21 assists and was a minus 14.
He averaged 23:20 per game and had 11 of his 27 points on the power play.
In the playoffs, Streit had two goals and three assists, was a minus one and averaged 20:17 per game.