The Islanders lost out on goalie Robin Lehner but replaced him with Semyon Varlamov.
After Lehner agreed to a one-year, $5 million deal with the Chicago Blackhawks, according to TSN's Bob McKenzie, the Islanders announced they agreed to a four-year deal with Varlamov.
Varlamov, 31, had a 2.87 goals against average and .909 save percentage in 49 games for the Colorado Avalanche last season.
His contract will carry an average annual value of $5 million. He will earn $6 million this season, $4 million in 2020-21, $6 million in 2021-22 and $4 million in 2022-23, according to The Athletic's Pierre LeBrun.
"I wanted to sign with the Islanders because I think this is the right place for me and my family," Varlamov said. "I'm very happy and excited."
Lehner, meanwhile, appeared in 46 of the Islanders' 82 games last season, recording a 2.13 goals against average and a .930 save percentage as New York finished with 103 points, second in the Metropolitan Division.
The 27-year-old Lehner started all eight Islanders playoff games over Thomas Greiss, recording a 2.00 goals against average and .936 save percentage.
In the Islanders' first-round sweep over the Penguins, he stopped 130 of 136 shots for a .956 save percentage, however he saved just 88 of 97 shots (.907 save percentage) in their second-round loss to the Carolina Hurricanes.