The New York Islanders are finalizing an agreement to sign goaltender Cory Schneider, according to TSN Hockey Insider Pierre LeBrun.

The deal will be for one-year and worth $700,000, says LeBrun.

The New Jersey Devils bought out the remaining two seasons of the goaltender's previous contract last week. 

Schneider said in May he hadn't "entertained thoughts of retirement at all" and remained focused on playing out his contract and contributing to the Devils. He split time this past season between the Devils and their AHL affiliate in Binghamton. In 13 NHL games, he had a 3-6-2 record with a .887 save percentage and a 3.53 goals-against average. 

Acquired from the Vancouver Canucks in 2013, Schneider has appeared in just 39 games for the Devils over the past two seasons after undergoing hip surgery. He appeared in a career-high 69 games with the team in 2014-15 and topped 57 appearances in each of the following two seasons.